Bloomberg reports on the various Tate initiatives that are moving forward despite the financial challenges of the credit collapse. A flurry of announcements were made at a press briefing today including new shows for Paul Gauguin and Chris Ofili in 2010. The museum itself has decided to build its extension even though most of the money raised has come from the UK government and not private donations:

Chairman Browne said he was confident that the government would pay the pledged amount and that enough gifts would be made to allow opening in 2012. “There’s a sense that investors feel better about the future,” Browne, 61, told reporters. “We intend to start building next year.” Compounding Tate’s funding needs is the planned 45 million pound refurbishment of Tate Britain, led by architects Caruso St. John, for which half of the money has been raised, according to Browne. The revamp will improve visitor circulation between levels and create new educational spaces.

Additions to Tate’s collection in the last year include two early paintings by David Hockney — “Study for Doll Boy” (1960) and “The Berliner and the Bavarian” (1962) — given to the state in lieu of tax on the estate of Frith Banbury.

Tate Pursues 215 Million Pound Expansion, Seeks Funds (Bloomberg)