In 1871, Holloway had initiated a public debate through the pages of The Builder, inviting suggestions as to "How best to spend a quarter of a million or more", a sum of money that he very soon doubled. In fact, it was his wife who was to suggest a college for women as the means by which Holloway's money might effect what, in his own words, he wanted to achieve: "the greatest public good".
The architect of the College, Willian Henry Crossland, had been selected by competition to design Holloway's first great philanthropic enterprise - the Sanatorium at Virginia Water, begun in 1873 and opened in 1885. Holloway was much involved in determining the style of the new College, finally settling for a flamboyant interpretation of the French Renaissance. Inspired largely by the early 16th Century Chateau of Chambord in the Loire Valley, the College is built around two very large quadrangles. It impresses as much by its bulk as the exuberance of the roof-line, the whole building much enlivened by the contrast of white Portland stone with the predominant red brick. As solid as it is extravagant, it stands now as a monument to the wealth, optimism and spirit of philanthropy which so characterized the Victorian age.
The Collection of paintings was to provide an essential element for the fulfilment of Holloway's ideal of a first-rate educational establishment. The importance he placed on the Collection illustrates a typically Victorian belief in art as the ultimate civilizing influence. Like literature, art could teach; not only in the obvious sense of portraying a moral lesson, or illustrating an edifying text; but, in its own unique and inimitable way, through the medium of visual beauty. A picture collection of the first quality would add the ultimate refinement to a programme of education for young ladies.
Heedless of cost, and using the only criterion he understood - his own judgement - Holloway made his selection with the aid of his brother-in-law George Martin, almost exclusively, from Christie's sales' catalogues. All but five of the pictures were acquired in this way, and only once is Holloway known to have been outbid. A considerable furore arose in the press in protest against the artificially high prices which his methods stimulated, and against the fact that it was the dealer rather than the artist who benefited. But like other self-made Victorian collectors, of little education, Holloway was wary when purchasing pictures. A sound provenance was crucial to him; and he felt that this was more likely to be provided by the major dealers and auctioneers than by private vendors.