The arts crunch

We all suspected the arts would suffer in the credit crunch and here are the figures to prove it.

According to Arts & Business, UK private sector investment in culture from business and individuals as well as from trusts and foundations fell by 7 per cent to £654.9 million in 2008/9 (from a record high in 2007/8). London received the biggest chunk (£449.6 million), some 69 per cent of the total, but a drop of 8 per cent from the previous year.

Public funding accounts for 53 per cent of total income (54 per cent last year); private investment 15 per cent; and earned income (ticket sales and the like) 32 per cent — only a small change from last year. Interestingly, attendances increased 12 per cent from the year before.

Colin Tweedy, chief exec of Arts & Business, predicts that the worst is yet to come — with 2010/11 being the low point. As he says, any potential cuts to the public purse will have a detrimental knock-on effect on private investment. He knows there is no ‘magic bullet’ for cultural philanthropy, but calls for a wider recognition and celebration of philanthropists and new tax incentives to further future growth.

So, come on, bankers, give the arts a wodge of your latest bonus and we might even start to love you...