Britain’s museums are a big success both in terms of the quality of their collections and with the audiences that throng to see them, writes Nicholas Serota. “But the museum economy itself is near breaking point. The success of free entry has placed ever greater demands on resources – at Tate Modern we have even found a sponsor for lavatory paper. With art prices reaching astronomical levels, we are having difficulty in renewing the collections that are at the heart of what we do.”