The museum will be able to implement plans for the construction of a new wing to house works of new and contemporary art.

One of the world’s largest museums, the Metropolitan Museum of Art in New York, has received the most generous one-time donation in the history of its existence in the amount of $125 million and will now be able to implement plans for the construction of a new wing to house works of new and contemporary art that have long been postponed for financial reasons. This was reported on Tuesday by The New York Times.

The donors, according to the newspaper, were the trustee of the museum, 83-year-old American financier of Chinese origin Oscar Tang and his 50-year-old wife Agnes, an architect and historian. The new building will be named after these two donors for at least 50 years.

Plans for the construction of a new museum space, the newspaper recalls, appeared seven years ago, but due to lack of necessary funds were postponed until better times. With the donation of the Tang couple, as stated by the director of the Metropolitan Museum of Art Max Hollein, this time has come. “This is a demonstration of the confidence that the museum feels about this project,” Hollein told the publication.

Although its implementation – and the project is estimated at at least $500 million – will require additional funds to be raised, Daniel Weiss, the museum’s president and executive director, has no doubt that this will not be the case now. “This does not cause us concern,” he told the newspaper. “Our financial situation is very stable.”

The administration of the museum, as follows from the publication, is more concerned about the concrete implementation of these plans and, in particular, the search for the architect of the new structure, whose name is expected to be named this winter. The former candidate for this position, Briton David Chipperfield, estimated his vision of the new museum space (about 7,400 sq. m.) at $ 800 million, which the museum administration considered unacceptable.

According to Weiss, the museum has not yet decided whether it will turn to the New York authorities for help in collecting the missing funds. He made it clear that over the past year or two, the museum administration has taken a number of measures to reduce costs and even increase the museum budget, despite the fact that last year, due to the pandemic of the new coronavirus, he received about $150 million less.

The Tang couple expressed their full readiness to provide comprehensive assistance to the museum in its quest to become “a more global repository of new and contemporary art.” “We want to help the museum move in this direction,” Oscar Tang told the newspaper.