Anthony d’Offay (Right) with artist Ed Ruscha

A new modern art collection, to be known as ARTIST ROOMS, was announced today, created through one of the largest and most imaginative gifts of art ever made to museums in Britain. The gift has been made by Anthony d’Offay, with the assistance the Scottish and British Governments.

Anthony d’Offay will receive £26.5m for his donation of 725 works, 1 fifth of their estimated market value.

The paintings, photographs, drawings and sculptures by 32 artists, including Bruce Nauman, Gilbert and George, Damien Hirst, Joseph Beuys, Jeff Koons and Ed Ruscha will travel across galleries and museums in Britain.

The collection will be owned and managed by the National Galleries of Scotland and the Tate , who said the art would “transform the nation’s collections of contemporary art”.

The Department for Culture, Media and Sport (DCMS) and the Scottish Government have each donated £10m to the cost of buying the works, which would fill the space of one and a half floors of Tate Modern.

Every body here at Contemporary Art ETC…. are delighted and grateful to Anthony d’Offay, Tate and the National Galleries for such a significant investment in our contemporary cultural landscape.

“Listen. We weren’t thinking about the financial side at all. We weren’t thinking about the business side at all. We were thinking about young people and education. We were thinking about reaching out to young people. We were thinking about how you can put together great works of art which can move and change people.” Anthony d’Offay 27th February 2008