Bloomberg: Finally, an US Effort to Calculate the Economic Value of Art

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  12 December 2012
Bloomberg: Finally, an US Effort to Calculate the Economic Value of Art

Quote:
"
It is easy to think of art as a luxury. It enriches our minds and lives, and it allows us to express ourselves to the fullest, yet it is not essential to brute survival. We value it, but beyond all measure. Art is priceless.

Perhaps these are reasons that assessments of economic activity often simply overlook the art world.

Consider, though, a few cold calculations: Americans spend about $14.5 billion a year on the performing arts alone -- everything from opera, dance and symphony concerts to circuses, magic acts and Las Vegas shows -- a 2011 study by the National Endowment for the Arts found.

And according to data from the Bureau of Economic Analysis, a branch of the U.S. Commerce Department, in 2009, the performing arts, together with museums and sports activities (the bureau has traditionally grouped these into one sector), contributed $70.9 billion to the U.S. gross domestic product. In that same year, the motion-picture and sound-recording industries added $59.8 billion, and publishing contributed $147.7 billion.

In other words, art does have a dollar value -- itís just one that analysts havenít fully added up. So it is welcome news that the bureau will now measure the creative sectorís specific effects on the macroeconomy. Thanks to a new partnership with the National Endowment, bureau researchers will make hard measurements of how much artistic and cultural activities contribute to GDP.

Drawing from all good sources of data, governmental and private, BEA researchers will assess the number of people working in the performing arts, at museums, in book publishing, at architectural firms -- every nook of the creative world. They will dig into the details on how much each part of the art world is growing or contracting, and how they all contribute to the economies of individual states.

"

http://www.bloomberg.com/news/2012-...lue-of-art.html
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  12 December 2012
Its value is more than money.

Something like this in my opinion will just draw more people to plunder it. In fact that is probably why the study is being done.
 
  12 December 2012
Ponder the things we'd have without art
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  12 December 2012
Although such a study is unlikely to be done, I at times wonder about the value of purely commercial art compared to personal art.

As an artist, you are going to do different things depending on your motivation. I was reading in the paper a while back about a singer who started her career singing about different facets of her life - a lot of it derived from her experiences in a war-torn African country. She made a reasonable living and enjoyed doing it... but at some point she was encuraged by her manager to sing more relatable songs to cater to her audience of teenage girls.

She tried it, but it actually hurt her to do it. She recalled an old parable about how the fox got its ungaingly walk as a result of attempting to walk in a different way from the graceful way it was originally known for. After failing to improve upon the walk, the fox forgot how it used to walk, and was left with an inelegant gait. She ended the article with a statement to the effect that she was trying to reclaim the voice that she originally had.

So you've got a choice as an artist, do you "starve" but do what you want, or do you "sell out" and lose your voice? Clearly there are many who succeed by not catering to their audience, but there are also many who make it by changing with the times and giving the people "what they want"... like Madonna.

I'd also like to know about national moods concerning art based on different areas. Which cultural segments appreciate art the most. Which don't. And how it correlates to overall economic success.
 
  12 December 2012
I wonder what the economic value of trees are?(not ones that you use for paper the ones that just sit there and do nothing)
 
  12 December 2012
So this isn't actually figuring out the value of the arts, but just the value of how much it's currently adding to the economy. I'm going to assume this will be based upon taxes from wages, taxes from companies, and perhaps other areas that have a value attached to them, i.e. wages, revenues, expenditure, profit, and so on.

They won't, for example, be looking at the profound effect that art, and it's by-products have had over the many thousands of years that humans have existed. They won't be able to measure how knowledge has been driven forward by artistic, and creative-thinking, for example.

I, personally, think this study is just another excuse to **** away money on something which, overall, is a little pointless to the majority.

Regardless of it's value art will always be there, forever. And people will always enjoy it, and yes, pay for it if it's required, Until mankind ceases to exist. Of course, I think, we all know what the real motive behind this study(could be; Is it worth dumping your investment dollars into this area, and how much would you likely get in return....
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  12 December 2012
Originally Posted by Calabi: I wonder what the economic value of trees are?(not ones that you use for paper the ones that just sit there and do nothing)


Awesome!

Trees are water pumps, air conditioners(more then shade), water storage, soil builders and protectors, habitats, rain generators, nitrogen fixers to name a few.

Art and trees priceless!
 
  01 January 2013
Am i the only one that see's this as a bad thing, if you read the op, it's about $50 billion here, 14.5 billion there.

Once you start down this road, anything then becomes only a $ value, and believe it or not, there are somethings that are price less, and can be as simple as you painting a picture for your own satisfaction, that so happens many others like.

The real problem is when you assign $, one form becomes somehow more important than another, not through merit, effort, nor amazement of the work portrayed, but $ revenue stream. Sad.
 
  01 January 2013
Originally Posted by gauranga108: Awesome!

Trees are water pumps, air conditioners(more then shade), water storage, soil builders and protectors, habitats, rain generators, nitrogen fixers to name a few.

Art and trees priceless!


Not to mention they are good for health. Studies have proved that views of them reduce stays in hospital, environments with them have less crime etc. They are vital to our health and well being the same as art.

But if you let the bean counters have their way they would replace them with something else more economically productive according to their limited metric of money.
 
  01 January 2013
Quote: "Am i the only one that see's this as a bad thing, if you read the op, it's about $50 billion here, 14.5 billion there.

Once you start down this road, anything then becomes only a $ value, and believe it or not, there are somethings that are price less, and can be as simple as you painting a picture for your own satisfaction, that so happens many others like.

The real problem is when you assign $, one form becomes somehow more important than another, not through merit, effort, nor amazement of the work portrayed, but $ revenue stream. Sad."

Agreed it also turns "art" into a commodity that has its value tied to a particular currency thus subject to manipulation.

Oh my!! Moody's just downgraded the credit rating of such &such country, hedge fund or Banking institution.

According "analysts" all of my "Art" just lost 40% of its "value".



Cheers
 
  01 January 2013
Originally Posted by CKPinson: Ponder the things we'd have without art


Ponder the things we wouldn't have without art.
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  01 January 2013
Originally Posted by Calabi: Its value is more than money.

Something like this in my opinion will just draw more people to plunder it. In fact that is probably why the study is being done.


My first thoughts as well.
"Must be time to tax or sue someone."
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  01 January 2013
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