Tate signs £5m sponsorship with Hyundai
Deal will fund ten-year programme of commissions for museum’s Turbine Hall
By Martin Bailey. Web only
Published online: 20 January 2014
Tate Modern has inked a sponsorship deal worth around £5m with Hyundai, the South Korean motor manufacturer, to cover a ten-year programme of commissions for its Turbine Hall. The first commission, to be announced later this year, will be for autumn 2015. After that, it is to be an annual autumn event, with each work to go on show for about five months. Previous commissions, sponsored by Unilever, included Louise Bourgeois, Olafur Eliasson, Bruce Nauman, Ai Weiwei and, most recently, Tino Sehgal.
Although the sum of the Hyundai sponsorship is not being disclosed by the museum, it is believed to be around £5m. The deal, which runs for an unusually long period, could well be the largest ever provided to an individual UK gallery or museum (in 2011, BP gave £10m to four arts institutions, including Tate).
Hyundai is also funding Tate’s acquisition of nine pieces by the South Korean artist Nam June Paik, the founder of video art. He died in 2006 and the works come from his estate. They will go on display this autumn.
Meanwhile, work is proceeding apace on Tate Modern’s extension. When the Herzog and De Meuron-designed building opens (scheduled for 2016), it will make the Turbine Hall the centre of the Bankside museum. This huge space was originally the main hall of the former power station. A bridge between the existing upper galleries and the extension to the south has just been completed. It was visited by culture secretary Maria Millar today, 20 January. Of the total cost of the £215m extension, £183m has now been raised (£11m more than a year ago).
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