The Courtauld Institute and Gallery in London has received a £30m donation, the largest in its 93-year history. The financial gift comes from the Reuben Foundation, the charitable arm of the family of billionaire brothers and property moguls, David and Simon Reuben.
The institute describes the donation as the beginning of a long-term partnership, which will see the foundation offer ongoing support for the development of displays and exhibitions through the sharing of works from the Reuben family’s extensive collection of art.
Mark Hallett, the director of The Courtauld, says in a statement: “The partnership with the Reuben Foundation marks a defining moment in the Courtauld’s history, ushering in a bold new chapter and launching us into our next century with even greater ambition and purpose.”
Formed in 2002, the Reuben Foundation is a UK charitable foundation which, according to a statement, is “focused on the advancement of healthcare, education and the community both in the UK and globally”. In the past, the foundation has supported institutions including the Design Museum and the Imperial War Museum in London.
The Reuben family were ranked at number two in the most recent Sunday Times Rich List with a fortune of £26.9bn. According to The Times, the Indian-born brothers made their first fortune in the Russian aluminium industry in the early 1990s.
Today they control a London property empire and are converting the capital’s historic Admiralty Arch into a luxury hotel. According to the Financial Times, the brothers were in talks earlier this year to invest in a consortium seeking to take control of the subscription service Only Fans, best known for hosting adult content.
Lisa Reuben, a trustee of the Reuben Foundation and the daughter of Simon Reuben, said in a statement: “We are thrilled by the opportunity to build on The Courtauld’s remarkable history and to support the realisation of its ambitious development.” Other sponsors of The Courtauld Institute include the Ukrainian-born businessman Sir Leonard Blavatnik and Denise Coates, the founder of the Bet365 gambling empire.
Over the last decade The Courtauld has raised £115m towards a major campaign around its centenary, and the refurbishment of its academic wing. Another £65m is estimated to be needed to complete the latter.
Students had to vacate the building at the end of 2018 to allow work to proceed and temporarily decamped to a building at Vernon Square, near King’s Cross. The Courtauld’s new campus is expected to open in 2029.
The Courtauld donation is the latest record-breaking boost to the UK philanthropic landscape after London’s National Gallery last month received two donations of £150m each to build a major new extension.
