Tate Modern has announced the signing of the longest initial commitment from a corporate sponsor in its history, an 11-year partnership with Hyundai Motor that will continue through to 2025.
This will see an annual series of contemporary art installations created within the Tate’s famous Turbine Hall, commencing with a piece in autumn 2015. It will also see the purchase of nine key works by South Korean artist Nam June Paik who is considered to be the founder of video art.
Nicholas Serota, director, Tate said: “We look forward to working together with Hyundai, exploring the most innovative and creative ideas from around the world. Hyundai’s commitment to Tate will give us an unprecedented opportunity to plan for the future, and will secure a decade of exciting new Turbine Hall commissions for all Tate Modern’s visitors.”
Euisun Chung, vice chairman, Hyundai said: “At Hyundai, we understand that cars can provide much more than transportation. They can connect with people emotionally and it is this feeling that connects people to great art. This is the nature of our partnership with Tate. We are excited about the new possibilities that lie ahead and are very privileged to be working together with the Tate on this inspiring collaboration”.
The announcement coincides with the completion of a new bridge across the industrial space which will open to the public in 2016.