Lord Sainsbury has given £25 million to the British Museum, in what is believed to be the largest gift to the arts sector in 25 years.

The generous donation from Lord Sainsbury of Preston Candover* will help fund a new World Conservation and Exhibitions Centre at the London museum.

Lord Sainsbury's artistic philanthropy is only dwarfed by Sir Paul Getty who pledged £50 million to the National Gallery and £40 million to the British Film Institute in the mid 1980s.

This is not his first sizeable pledge either, after Lord Sainsbury and his brothers donated £50 million to help fund the construction of the Sainsbury Wing at the National Gallery.

A spokeswoman for the British Museum said discussions between the parties had been taking place over a long period of time.

She said: "This is an incredibly important project for the British Museum and has been planned for a long time. This donation is a vital part of the project. It's been talked about and worked on for a long period of time.

"There's no doubt it's incredibly generous and it will benefit future generations."

Meanwhile, in a period of generous donations, The National Museum of Computing has also revealed it has received its largest-ever consortium donation.

Ranked amongst the top three dedicated computer museums in the world, the museum has received £100,000 from Bletchley Park Capital Partners and its associates to secure its long-term future and renovate the building.

South London's Wandsworth Museum has also reopened thanks to £2 million pledge from Michael and Dorothy Hintze.

* In a correction note sent to the Guardian, the British Museum clarified that the donation comprised £12.5m from the Tory peer’s Linbury Trust and £12.5m from the Monument Trust, which was established by John Sainsbury's late brother Simon.

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