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The Wallace Collection was originally part of the private collection of the Hertford-Wallace family. The vast majority of paintings and objects were acquired either in London or Paris between about 1800 and 1872. The 'greatest collector' was the 4th Marquess of Hertford (1800-1870), but both his father, the 3rd Marquess (1777-1842), and, in particular, his illegitimate son and heir, Sir Richard Wallace (1818-1890), made distinctive and extensive contributions.

The Collection is known above all for its magnificent French 18th-century paintings, miniatures and works of art (furniture, Sèvres porcelain, sculpture and gold boxes), which are unparalleled in quantity and quality outside Paris. The collections of old master and 19th-century paintings, European and Oriental arms and armour, and medieval and renaissance works of art are also among the finest in the world.

The Collection is displayed in Hertford House, built by an obscure architect in the late-18th Century for the Duke of Manchester. The 2nd Marquess of Hertford acquired the lease in 1797, and used the property as his principal London town house until his death in 1822. Neither the 3rd or 4th Marquesses chose to live there, but Wallace bought it from the 5th Marquess and had it greatly extended between 1872 and 1875 so that it could serve as both a home and a private gallery for his great art collection. After his death, his widow continued to live in the house until she died in 1897.