In 2003, in collaboration with the Tate and Frieze Art Fair, the Outset Contemporary Art Fund was founded by Tate patrons Yana Peel and Candida Gertler to raise money for purchases from the fair for the Tate. The fund is administered by them with London collectors.
In 2004, the amount was £150,000 and the artists were: Pawel Althamer, Martin Boyce, Jeremy Deller, Alan Kane, Jesper Just, Mark Leckey, Scott Myles, Frank Nitsche, Henrik Olesen, Roman Ondák, The Atlas Group, Walid Raad and Pae White.
In 2005, £125,000 was raised with each donor giving £5,000 ("the donors all have a particular interest in supporting the Tate's acquisition of international contemporary art.") Work was bought from ten artists. These included Daria Martin, Jan Mot and Alexandre de Cunha. The selecting panel was Jan Debbaut, Director, Tate Collection, Paul Schimmel, Chief Curator, Museum of Contemporary Art, Los Angeles and Suzanne Pagé, Director, Musée d'Art Moderne de la Ville de Paris, Paris. One piece, which cost £20,000 was Time, a conceptual work by David Lamelas, which consisted of an idea—that people should stand in line and state the time to the adjoining person in the queue. Another purchase for £15,000 was a grey filing-drawer containing 1,000 blank index cards by Stanley Brouwn.