Christened Kolkata Museum of Modern Art (KMOMA), the project is a brainchild of Rakhi Sarkar, the owner of Cima Art Gallery in Kolkata.
"The total project cost is estimated at Rs 550 crore. We have already received Rs 137 crore grant money from the West Bengal government and also 10 acres in Rajarhat for the museum. Various artists in India have donated Rs 3.5 crore. We are now raising the remaining sum from the Central government, corporates and other funding agencies," said Rakhi Sarkar, managing trustee, KMOMA.
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It has roped in Herzog & de Meuron as the architect for the museum.
KMOMA is expected to be up and running in another five years from now.
KMOMA will stock visual arts from the 15th century to the modern time.
It will also house works of photography and cinema.
It will have a national gallery which will focus on Indian visual art, reflecting colonial and post colonial phases.
A comprehensive permanent collection will gradually emerge. A national selection board will be specially created to supervise the national collection.
The museum will also represent art from the West and Middle East, as well as art works from SAARC countries, Japan, China, Korea, Thailand, Bangladesh, Sri Lanka, among others.
The museum will also have an academic wing which will conduct courses in museology, art history, art management, restoration, etc, in collaboration with institutes of international repute.
The museum will also have a research and educational dimension to help build a database and an arts library.
Restoration of art works and their authentication will also be carried out with the help of latest technology.
Lectures and courses on art will be hosted at the museum.