With less than a month to go until the 25th anniversary of the Tate Modern's opening on May 12, the institution is going through a difficult time. The symptoms are clear: a progressive loss of visitors over the past five years (COVID-19 undoubtedly played a role in the start of the decline), a budget deficit that has forced it to use reserves in 2025, staff cuts (40 layoffs since January), and ongoing talks with the government, on which the situation depends.