The venue, which was launched this week at its home below Bar Eleven in Church Street, is the only one of its kind in Lancaster.
It is the brainchild of Ben Hill, 27, and Myrtille Couten, 22, who have just graduated from the University of Cumbria with degrees in fine art.
Cellar
Inspired by two similar ventures in Carlisle, the duo spent a day touring Lancaster's pubs and clubs enquiring about the availability of space for their concept, a contemporary gallery providing exhibition room for new artists.
They were offered the cellar room rent-free by Bar Eleven, which could attract extra custom from gallery visitors, and have spent the last few weeks transforming it into a gleaming white exhibition space.
The pair will charge exhibitors £30 to cover promotional costs and will take 10 per cent commission on work sold, although much of it will not be available to buy.
The first exhibition, which opened last night, (Thursday) is by Manchester new media artist Daniel Staincliffe, whose video installations highlight interaction with the natural world.
"We wanted to do something a bit different and respond to the need for up and coming artists to get their work out there," said Ben.
"Lancaster has an impressive arts scene, but even if The Storey was operating at present we would still feel there was a bit of a gap to do this kind of thing."
Myrtille added: "Within about ten days we had around 12 proposals and 25 interested emails from people wanting to know more."
The part-time venture runs until at least March. If it proves successful they hope to either continue it themselves or give other students the chance to take over.
Daniel's exhibition runs until October 18. The VAULT, which is accessible through the bar, is open from 5pm-10pm on Thursdays and from 1pm-8pm on Fridays and Saturdays.
For more information see www.vaultgallery.org or www.danielstaincliffe.com