Do art galleries (e.g. National Gallery) have a pot of money for buying paintings by 'greats'?

Question

I.e. if a Monet went to auction, for example, would you find private collectors up against galleries? And if so where do the galleries get their money from?

Answer 1

Auction - yes, there would be a bidding war, but an agent would bid on the Gallery's behalf.  The National Institutions in the UK get what is called a Purchase Grant each year ( you could write and ask what this year's is, and anyway it's always published in the Annual Report).  If it was a famous picture that had been in a private collection, then the Gallery could appeal against an export licence to anyone wanting to take it abroad, and if granted one, then a fund-raising exercise would have to take place.  This could take the form of public fundraising by way of an appeal, and/or an approach to rich benefactors.  Private owners of great and famous pictures could also negotiate privately with the Gallery, of course.