Artists including Anish Kapoor and Antony Gormley have pledged some of their works to the Tate Collection.
Up to 20 artists have agreed to give pieces of their work to the Tate Britain gallery as it struggles to find money to boost its collection.
David Hockney, Frank Auerbach and Anthony Caro have also pledged to present their work as a gift.
The works will be available to the Tate's regional galleries to ensure greater visitor access.
Anish Kapoor said it would benefit everybody.
"There are huge gaps in the Tate's collections, which in many ways inform all of us, working artists and the growing public," he said.
Sir Peter Blake, who was a leading light in the UK's pop art movement, was also enthusiastic.
"We've had good lives and we've been treated well and I think we should give something back," he said.
Sir Nicholas Serota, director of the Tate, said: "We have to take this initiative to sustain our public collections in the face of declining public resources.
"No museum can survive by standing still."
He said the collection "lies at the heart of what we do", adding: "We have a duty to acquire works by living artists, to build the leading collection of British Art in the world and an outstanding collection of international modern and contemporary art.
3951839 Read Sir Nicholas Serota's thoughts on the Tate's finances
Sir Nicholas said the gallery was "enormously grateful" to the artists and donors, including Tate Members, whose donations were being announced on Monday.
The Tate, like many institutions, relies on the generosity of those who donate or bequeath works or pieces that are donated in lieu of tax.
Tate members including Lord Attenborough have contributed to the collection.
The drive over the next 10 years will be to secure up to 100 gifts of art from collectors and artists.