Lilly's wealth allowed him to acquire a significant art collection. Although he owned a collection of Paul Revere silver and paintings by artists such as Gilbert Stuart and Maxfield Parrish, Lilly's particular interest was in Chinese art, which he began collecting in the mid-1940s and donated to the Herron Art Museum (now the Indianapolis Museum of Art) in 1960. Lilly also helped with fundraising to construct the museum's new facility, built on the 42-acre estate of his brother. The new building was a point of civic pride for Lilly, who donated $1.7 million in pharmaceutical company stock for its construction and generously provided for the institution in his will.