The RAF own some of the best aviation paintings in the country. The collection at Bentley Priory is priceless, and what is to become of that in the near future?
The RAF Club also has an amazing collection, but as has been alluded to already, some of those are 'owned' by private individuals and lent (for with no time limit)(cause I cant spell in perpuitry!) indefinately.
Many of the countries best works are catalogued as being in HQ Strike, and perhaps another can make comment as to the collection at High Wycombe.
There is a place for art in the military, but IMHO it should represent the military not abstract or landscapes, as an element of future history, which lets face it, the UK Armed Forces Plc are making history right now. Be it the right thing or not only time will tell.
Compared to the Army, RAF collections are very poor, and you could get a lot of Cuneo for the fiqures being quoted. At the GAvA Exhibition in London, few works cost in excess of £2000 many less than £1000. £72k +vat and £50k+ to maintain is taking the puss.