Outgoing Tate director Maria Balshaw has publicly called on UK Chancellor Rachel Reeves to implement larger tax breaks for wealthy philanthropists who donate to museum endowment funds. She argues this would level the playing field with US institutions and provide crucial financial stability for UK museums.
The Portland Art Museum announced a $13.5 million gift from the late Arlene Schnitzer and the Schnitzer family, the largest individual donation in the museum's 132-year history. The endowment names the museum's director position, currently held by Brian Ferriso, as the Arlene & Harold Schnitzer Director. The Schnitzers, known as Portland's 'First Family of the Arts,' have supported the museum for nearly half a century through acquisitions, exhibitions, capital campaigns, and the creation of the Arlene and Harold Schnitzer Center for Northwest Art and the Schnitzer Sculpture Court. The gift is part of the museum's Connection Campaign, which will culminate in a transformed campus opening November 20.
Tate has launched the Tate Future Fund, a US-style endowment fund aiming to raise £150 million by 2030 to secure its long-term financial future. More than £43 million has already been raised, announced at a fundraising gala in Tate Modern's Turbine Hall marking the museum's 25th anniversary, attended by artists Steve McQueen and Tracey Emin. Tate director Maria Balshaw explained that the fund will sit separately, managed by the Tate Foundation, with only the interest drawn annually to support artistic creativity, groundbreaking exhibitions, collection building, research, and public benefit programs like school and family learning.