Cultural Capital: Maintaining Investment in Culture through the Good Times and the Bad 11/10/2009

Leading figures from the arts, business and public sector came together at the V&A last month to call for investment to support culture through the recession.  The Mayor of London, Boris Johnson hosted the event and described the capital as “a cultural powerhouse.”  He said “at a time of recession it is more important than ever to invest in the arts,” and argued that "a mix of corporate sponsorship, public investment and philanthropic giving will help our cultural and creative sectors ride out the current downturn – and help stimulate London's economy for the future."  Kevin Spacey, Artistic Director, The Old Vic gave a keynote speech calling for renewed confidence from the sector.  Kevin Spacey said "We must cite the economic value of what is called after all show business. It is not charity, or empty philanthropy, but an investment."  Mark Jones, Director of the V&A, introduced the proceedings and said "'Our response to the recession has been to work flexibly and imaginatively with new and long-term partners".  Mayor’s press release

Latest market trends research by Arts & Business has revealed that 70% of London-based arts organisations have experienced a decrease in business investment.  However, earned income is growing, with attendance levels being maintained for most of the sector. Arts & Business