Though the exact date is unknown, the Society is believed to have been established as a gentlemen's club in 1734 [2] by a group of people who had been on the Grand Tour.
"[4] The group, initially led by Francis Dashwood, contained several dukes and was later joined by Joshua Reynolds, David Garrick, Uvedale Price, and Richard Payne Knight, among others.
The society quickly became wealthy, through a system in which members made contributions to various funds to support building schemes and archaeological expeditions.
In 1775, the club had accumulated enough money towards a scholarship fund for the purpose of supporting a student's travel to Rome and Greece, or for archaeological expeditions such as that of Richard Chandler, William Pars, and Nicholas Revett, the results of which they published in Ionian Antiquities, a major influence on neoclassicism in Britain.
It makes annual donations to the British Schools in Rome and Athens, and a separate fund set up in 1984 provides financial assistance for visits to classical sites and museums.