The Tate Modern hosted a gala to mark its 25th anniversary and unveil the Tate Future Fund, a major campaign aiming to raise £150 million by 2030 for the galleries' long-term security. Attended by numerous artists and philanthropists, the event's announcement by the chair Roland Rudd emphasized the fund's role in supporting exhibitions and research. Director Maria Balshaw highlighted its importance for sustaining creativity amid growing competition in the art world, particularly against US museum counterparts. The Tate faces financial challenges, requiring new sustainable business models.
An endowment fund is created in perpetuity, so it will help secure the long term future of Tate across all our sites and across our collection.
The endowment is not there to dig us out of a hole. It's to allow us to thrive. The global art museum world is increasingly competitive.
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