LONDON, ENGLAND.- Charles Saatchi claimed he offered his £200m collection to the Tate Modern last year, but was turned down by the museum's director, Sir Nicholas Serota. Mr Saatchi stated to the Sunday Telegraph that Sir Nicholas Serota refused his collection because the Tate "already had commitments". Mr Saatchi had the idea of using undeveloped space at the Tate Modern.

A museum spokesperson said, "Sir Nicholas wasn't offered the collection at all, Saatchi offered to move his gallery to the Tate but he didn't make any offer to the Tate of his collection."

Sir Nicholas Serota claims he told Mr Saatchi that it would cost "tens of millions of pounds" to develop the derelict oil tank spaces at the Tate Modern, adding that ultimately "the Tate wanted to use that space for its permanent collection".

Mr. Saatchi said, "The Tate seems sadly disengaged from the young British art community. It isn't enough to rely on the latest Turbine Hall installation and the Turner Prize to generate interest. The Tate curators didn't know what they were looking at during the early Nineties, when even the piddliest budgets would have bought you many great works."