Two major paintings by 18th-century British artist Joshua Reynolds—David Garrick Between Tragedy and Comedy (1761) and Portrait of Joanna Leigh, Mrs Richard Bennett Lloyd (1775-76)—have been acquired by Waddesdon Manor in Buckinghamshire under the UK’s acceptance in lieu (AIL) scheme. The works, from the estate of Jacob Rothschild who died in February 2024, settled a combined £24.5 million in inheritance tax. Both paintings had been on loan to Waddesdon Manor, a National Trust property managed by Rothschild, since 1995.
The acquisition underscores the continued importance of the AIL scheme in preserving Britain’s cultural heritage, allowing tax liabilities to be settled with artworks of pre-eminent significance. Jacob Rothschild, a towering figure in the British art world and a noted collector, transformed Waddesdon into an award-winning museum. The addition of these Reynolds masterpieces—one a landmark of narrative portraiture, the other a romantic tour de force—further enriches the estate’s collection and highlights the enduring legacy of Rothschild’s patronage.