London‘s Courtauld Gallery and Institute has received a £30 million donation from the Reuben Foundation, which was set up by billionaire brothers and real estate moguls David and Simon Reuben. It’s the largest donation in The Courtauld’s 93-year history.
The institute said in a statement that it’s the start of a “long-term partnership” which will see the Reuben Foundation support exhibitions by sharing the brothers’ huge art collection. The private foundation channels their charitable giving with a focus on healthcare, education, and the arts.
“This 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,” the institute’s director, Mark Hallett, said.
The foundation has previously supported the Design Museum and the Imperial War Museum in London.
With an estimated fortune of almost £27 billion, the Indian-born Reuben brothers were ranked second in the most recent Sunday Times Rich List. The newspaper reported that they first became rich by trading Russian aluminium in the early 1990s.
They have since branched out into real estate and now run a massive portfolio in London. The duo are currently converting the city’s historic Admiralty Arch into a luxury hotel. Earlier this year, it was reported by the FT that the Reubens were in talks to invest in a consortium looking to take control of Only Fans, the subscription service known for hosting adult content.
“We are thrilled by the opportunity to build on The Courtauld’s remarkable history and to support the realisation of its ambitious development,” ARTnews Top 200 collector Lisa Reuben, the daughter of Simon Reuben and a trustee of the foundation, said in a statement.
The institute is no stranger to generous donations; over the last 10 years a successful campaign celebrating its centenary has helped it to raise around £115 million. The majority of the proceeds are being put towards refurbishing its academic wing, which needs another £65 million injection before it is completed, The Art Newspaper reported.
Avid art collector Denis Coates, the founder of the Bet365 gambling firm, and Ukrainian businessman Sir Leonard Blavatnik have also donated to The Courtauld in the past.
