Objects in the collection include a desk that belonged to Marie Antoinette, a gold bracelet given by Queen Victoria, a clockwork automaton of an elephant, and painted screens depicting monkeys.
Lord Rothschild says his goal is to acquire rare objects that "fill the gaps" in the existing collection started by his ancestors.
He has added contemporary artworks like paintings by Lucian Freud and David Hockney, as well as commissioned pieces.
The Rothschild family's wealth and history of collecting valuable objects dates back to their patriarch Mayer Amschel Rothschild who dealt in coins, medals and jewels.
Though Lord Rothschild has favorites in the collection, he enjoys seeing the breadth of objects and "learning from them in very different ways."