The Jehangir Nicholson Collection comprises around 800 works of modern and contemporary art from India, procured between 1968 and 2001, and dating back to 1930. The main focus of the collection is on the Bombay Progressive Artists including S.H.Raza, K.H.Ara, Gaitonde, Tyeb Mehta, M.F.Husain, Akbar Padamsee, Ram Kumar, Krishen Khanna, F.N.Souza and later Laxman Shreshtha. He also ventured into collecting the contemporary and building on his collection incorporating Jitish Kallat, Anju & Atul Dodiya, Baiju Parthan, Sunil Gawde amongst others.
A small selection from this collection was on display at the Jehangir Nicholson Museum of Modern Art at the National Centre for the Performing Arts (NCPA) from 1976 to 2008. The collection is currently on a 15-year loan to the CSMVS Museum, where it adds a modern and contemporary dimension to the Museum.