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There is no corporate "Catholic Church". Every single diocese in the world is headed by a Bishop and is a Catholic Church proper. The Bishop, at least in the United States, owns every piece of property, every Church, parish hall, rectory, school, etc. in his name as a corporate sole. As a full successor to the apostles, he has the completeness of Christ's priesthood and is ultimately responsible for everything in his diocese. So you really have to narrow your question down, are you asking about works of art in the Vatican or somewhere else. The Vatican, itself is the diocese of Rome with the Pope as the Bishop of Rome. In addition to being Bishop of Rome, of course, he is the Vicar of Christ, and is ultimately responsible for anything that Our Blessed Lord puts in his way. As Bishop of Rome, he would be buying works of art that are in the Vatican, and they, of course, are left to his successor, all of whom hold them in trust for the "Church" as a whole. So, he would be paying for them out of his income which is know as Peter's Pence, it is a regular collection from every Catholic Church in the world, once a year, that is send to Rome for the Holy Father to do with as he sees fit.

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Q: How did the Catholic Church pay for the many religious works of art?
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