On Tuesday, the Metropolitan Museum of Art announced a lead donation of $125 million, the largest capital gift in the museum's history, to overhaul its modern and contemporary art wing. Donors Oscar L. Tang, a Met trustee, and his wife, Agnes Hsu‐Tang, an art historian and archaeologist, will have the wing named after them for at least 50 years.

Energized by the historic gift, the Met will finally move forward with a project proposed several years ago that will provide space for a more expansive view of modern art, now including the Leonard Lauder collection of Cubism, in addition to increased works by women and artists of color. A redesigned footprint with 80,000 square feet of galleries and public space will cost around $500 million altogether, the museum expects, with an architect to be announced at a later date.

Pandemic impacts caused the Met to project a shortfall of $150 million last year, and budgetary cuts were made, including staff layoffs. This week, museum president and CEO Daniel H. Weiss told the New York Times that fundraising for the project is not a concern. “We know what it’s going to cost more or less to build it, to staff it,” he told the Times. “Our finances are very stable.”

Tang, a retired financier, is the first American of Asian descent to join the Met’s board 30 years ago. His wife, Agnes Hsu‐Tang, an academic and cultural heritage policy advisor, was recently elected chair of the board at the New-York Historical Society.