The project was established in the 1990s under the direction of Lord Rothschild, and is funded by individual and corporate donors and admission fees.
Several rooms in the south wing of Somerset House were redecorated in a style reminiscent of the interiors of the Winter Palace and opened to the public in November 2000.
In 2003, a new Somerset House Learning Centre opened, which is used in conjunction with the Hermitage Rooms and the other visitor attractions in the building.
It was funded from the proceeds of the July 2002 Somerset House gala, An Evening with Elton John.
Subsequent exhibitions have featured not only Western painting, but also themes such as photography, ceramics, and Islamic art.