-
Art contribute to the world’s economy
What does art contribute to the world’s economy?
-
1 Reply
-
Art generates value in the world’s economy in various direct and indirect forms, affecting sectors, jobs, tourism, and culture. Now, let us explore the market for art and how it creates employment and contributes to the economies of regions across the globe.
Art Market and Sales
- The art world is a huge market and business worth numerous billion dollars, revolving around artwork and its production.
- This market comprises fine art, digital art, collectibles, and decorative pieces.
- The maze of auctioneers such as Christie’s and Sotheby’s and a world of galleries fuel this industry, as some artworks go under the hammer for millions of dollars.
New emerging markets:
- The art originated in the Western world.
- However, more and more countries are emerging and participating in the global art scene through different mediums, including online platforms and art sales.
Employment and Job Creation
- A plethora of jobs can fall under the creative economy, namely those of artists, curators, art dealers, gallery employees, art critics, art teachers, or museum personnel.
- Arts per se, such as graphic artists, animators, and fashion designers, are also somewhat included in the advertising, film, and publishing industries, which further benefits the economy.
- The world of art creates the world of business, such as the market for art stores, frames, art shipping and transport, and so on.
Cultural Tourism
- Tourism has many factors, but art and culture are key motivators.
- Cities famous for their art museums, galleries, and festivals receive millions of tourists every year.
- Art tourism greatly benefits cities with notable institutions such as the Louvre in Paris, the Metropolitan Museum of Art in New York, and the Uffizi Gallery in Florence.
- Such names are only a few of the art institutions that can be featured at art festivals, biennales, and exhibitions, including the Venice Biennale, Art Basel, and other events.
- These events attract international tourists and art collectors, providing more income to the hospitality, travel, and retail industries.
Real Estate and Urban Development
- Along with cultural districts and public art, cities can reconstruct areas.
- This has happened in the United States.
- The art community’s gentrification stimulated property prices and even set up new enterprises.
- With the cause of art, urban planning, and cities, architects have been creating and constructing spaces purposely created for galleries, theaters, and museums to develop the city’s charm or a specific neighborhood.
As a result, more residents, businesses, and tourists are drawn to the city, which boosts the area’s economic growth, thanks to public art initiatives.
Art Education and Skills Development
- Creativity and critical thinking are vital for success in the modern economy, which emphasizes the development of artists. Those who graduate in the arts and other disciplines that incorporate creativity in their work often work in areas such as technology, marketing, and education, thus making economically viable contributions.
Art schools, universities, and education programs further contribute to the economy by educating people, creating jobs, and utilizing commodities and services.
Cultural Exports and Soft Power
- Art takes many forms, including fine art, performing art, music, and films.
- These are exported to other countries, where they earn income and are valued in culture.
- For instance, Southern California’s film market and K-pop music in South Korea boost those countries’ markets.
- Cultural art reveals the power of soft diplomacy as it opens trade in the economy and creates opportunities for countries through relationships created by exhibitions, arts, performances, and other forms of art.
Innovation and Technology
- Art, in its various forms, enhances creativity in many areas, including technology.
- Digital art, NFTs (non-fungible tokens), and virtual exhibitions are some of the current trends in the art world that explore expanding the way art has been traditionally created and even monetized.
- Industries that utilize the visual arts, such as video game development, animation, and augmented and virtual reality experiences, are expanding exponentially and are merging culture and technology in their processes to make billions of dollars.
- Creative industries also help advance technologies and innovations, such as 3D printing and other visualization tools, that can be used in different industries, including manufacturing, healthcare, and education.
Art as an investment
- Art is no longer the exclusive preserve of art collectors.
- It is also considered a form of investment, with the rich and institutions acquiring pieces of art as part of an investment strategy in an attempt to minimize risk.
- Everyday art becomes a means of lending and investment.
- This is because of art investment funds and art-backed loans.
- This allows artworks to be treated like other financial instruments and integrated into the world’s economy.
The rise in the purchase of expensive art also stimulates the need for art insurance services, appraisal services, and even investment consulting agencies.
Non-profit and philanthropy
- Art cuts across all sectors of society, particularly culture, and provides an economic angle.
- This is why most art institutions, such as museums and cultural organizations, operate on a non-profit basis.
- Wealthy people and corporations that create art and engage in non-profit philanthropy make it their responsibility to donate money for public art, museums, and educational programs to promote cultural and economic development.
- These institutions also support local economies by attracting tourists, offering job opportunities, and buying supplies and services from various local businesses.
The Role of Art in Society
- Raising awareness about social problems and striving for social change indirectly contribute to the economy by building more diverse and fairer societies.
- Community art and public murals have the potential to regenerate deprived areas, enhance social tourism, and contribute to social and economic conditions.
- Various avenues through which art contributes to the economy, be it the sale of works of art or tourism, exist among many intercultural zones.
- This revolves around culture or adipogenesis.
- Art raises the economic level of the communities and sectors and promotes societal unity.
- It brings about cultural advancement, which are important factors in the economy in the long run.
- It is also worth noting that the creative industry is firmly establishing its position as one of the economy’s constantly expanding sectors.
Do not hesitate to inquire if you desire to clarify concerns regarding a specific area of art’s economic impact.