Reynolds works acquired by Waddesdon Manor under UK's acceptance in lieu scheme

Reynolds works acquired by Waddesdon Manor under UK's acceptance in lieu scheme

Briefly

"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."

"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."

"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."