A 1,700-piece private collection of Chinese ceramics with an estimated value of £1 billion ($1.27 billion) has been donated to the British Museum -- a record for any UK institution. The central London museum announced late on Wednesday that the Trustees of The Sir Percival David Foundation had gifted the collection permanently to go on public display. David, who died in 1964, was a British businessman and Sinophile who collected ceramics from Europe, Japan, Hong Kong and China. His collection had been on loan to the museum since 2009. Museum chair George Osborne said he was "thrilled by this blockbuster decision" to make the loan permanent, calling it "the largest bequest to the British Museum in our long history". Colin Sheaf, chair of The Sir Percival David Foundation of Chinese Art, said the donation coincided with the centenary of the businessman's first trip to China, which inspired his love of its art and culture. He said he hoped it would continue t