Wednesday, 28 January 2009
Private Investment in the Arts
Arts & Business launched its latest research into Private Investment in the Arts yesterday: positive news on the whole, in that overall investment is up 12% on the previous year, with a slight decline in business investment, but significant increases in individual giving and support from trusts and foundations. The full data will be published in February, but you can read the headline points here. There is, however, a huge 'but': the research covers 2007/08, so the period before the worldwide financial turmoil really kicked in. What will the results be next year, covering the current months? There is, not surprisingly, a certain trepidation amongst the arts development community about how this essential private investment will hold up, with 2010 likely to be the crunch year. The Culture Minister, Barbara Follett MP, gave a reassuring speech, urging us not to panic, but acknowledging that everyone would need to work harder to retain their current levels of support: she is - at least - a fan of orchestral music!