The Stage

Johnson and Spacey call for investment to pull arts through the recession

Published Monday 21 September 2009 at 13:39 by Lalayn Baluch

London mayor Boris Johnson and Old Vic artistic director Kevin Spacey have called on corporate and public investors to continue supporting the arts through the recession, warning that cultural institutions will “struggle to survive” the global economic downturn without them.

Their comments follow research published by Arts & Business, which reveals that private sector contributions to the arts has fallen by 7% since 2008, resulting in 70% of cultural organisations experiencing a drop in investment from businesses.

The organisation estimates that such funding is unlikely to pick up any earlier than 2011.

Speaking at a press conference at the Victoria and Albert Museum, Spacey warned that while economists were seeing the “first green shoots of recovery”, the impact of the economic downturn would be felt on sponsorship budgets and corporate philanthropy for years to come.

He said: “If we don’t act now, we risk allowing our rich cultural life to be diminished, available only to the minority who can afford high West End prices or rarefied arts events.”

The Old Vic, which receives no funding from Arts Council England, has developed partnerships with companies such as financial services firm Morgan Stanley and asset management group CQS to support its artistic and education activities.

“Like everyone in the arts, I worry that the inevitable outcome of this harsh economic climate will be a reduction in corporate philanthropy and sponsorship. Those of us in a position to make an argument for supporting arts have not used the economic argument as the centre-piece of our appeals as much as we should,” Spacey added.

“But I believe at this time we should change tack. Instead of apologetically holding back, we should site the economic successes of what is showbusiness. We can raise more by recognising how much our cultural life contributes to the health of our communities across our city, the nation and the world.”

Meanwhile, figures from the mayor’s office reveal that tourism is worth £16 billion to London’s economy, while seven out of ten tourists state the arts and culture as their reason for visiting the capital.

Johnson said that financial services companies should be encouraged and ‘honoured’ for investing in the arts, and not be made to feel that such investments are “ostentatious”.

He commented: “At a time of recession it is more important than ever to invest in the arts. We need to support new talent and those creative individuals whose innovation will ensure London remains dynamic and successful.”

Simon Robey, head of Morgan Stanley UK and chair of the Royal Opera House, said that businesses had a responsibility to help the arts.

However, he said that partnerships should be created on a “transactional” basis, to allow employees of corporate organisations to “engage” with the activities of the arts organisation. He cited as an example a series of sleepovers held at the British Museum for Morgan Stanley staff and their children.