Spearheaded by Jo Rich-Vadas and Mary Lou Cornelison, a small group of artists and interested individuals from Marshall community began meeting in February 2009 to form some type of art facility. By that September Gaslight Art Colony became an official Illinois 501(c)(3) charitable organization. From February to October 2009 the enthusiastic group of volunteers were busy transforming the former Randolph Rich law office at 516 Archer Ave in Marshall into the present arts center. Bylaws were drafted, a board of directors was formed, and Gaslight Art Colony opened its doors on Saturday, October 17th, 2009. The name was inspired by the large replica gaslight on the front of the downtown building and the Handy Writers Colony, a well-known group active Marshall during the 1950’s and 60’s.

The Gaslight Art Colony continues to be governed by a board of directors and is funded by annual membership dues, donations, memorials, grants, fundraisers, workshops, art classes and sales. The monthly gallery openings showcase local, regional, and international artists and are held on the third celebrated Saturday evening of each month from February through November. The volunteer-based organization celebrated it's 15th anniversary in October 2024. All the featured artists from the past fifteen years were invited to display artwork, and attend a special celebration at the gallery.