Two major works by the 18th-century British artist Joshua Reynolds will join the collection of Waddesdon Manor in Buckinghamshire, under the UK’s acceptance in lieu (AIL) scheme, it was announced today.
The works, David Garrick Between Tragedy and Comedy (1761) and Portrait of Joanna Leigh, Mrs Richard Bennett Lloyd (1775-76) are from the estate of Jacob Rothschild who died in February 2024. Both paintings have been on loan to Waddesdon Manor, which is owned by the National Trust, since 1995.
Rothschild made Waddesdon—one of the great Rothschild treasure houses, which he managed and financed through a family foundation which leased it back from the National Trust—an award-winning museum and home to loan exhibitions.
Acceptance of David Garrick Between Tragedy and Comedy (1761) settled £7m in tax while Portrait of Joanna Leigh, Mrs Richard Bennett Lloyd (1775-76) settled £17.5m.
Under the AIL system, those liable for inheritance tax can in certain circumstances cover this liability by giving art or heritage property, providing they are of “pre-eminent” importance or associated with a historic building. The items are then assigned to an appropriate museum or a heritage body.
John Chu, the senior national curator of paintings and sculpture, National Trust says in a statement: “These two paintings show Joshua Reynolds at his absolute best. The portrait of Joanna Lloyd carving her husband's name onto a tree must be one of the most romantic paintings of the 18th century.
“In the picture of Garrick choosing between Comedy and Tragedy, he successfully set out to prove that portraiture could tell a compelling story and played into the burgeoning celebrity culture of the day.”
Two other works from the Rothschild collection—Guercino’s King David and a rare 18th-century relief by John Deare—were allocated to the National Gallery and the Victoria and Albert Museum earlier this year under the AIL scheme.
Jacob Rothschild was one of the most influential and consequential figures in the British art world and a noted collector of both historic and contemporary work.
