Art-институции the US has already lost $4.5 billion
ARTinvestment.RU   10 апреля 2020

The average loss for each of the 11 thousand organizations in the country amounted to $38 thousand.

the Disappointing figures were obtained in the study conducted by American for the Arts, in which the specialists interviewed representatives of 11 thousand arts organizations in the United States (according to some sources, the total number of arts organizations in the country is about 120 thousand). Of the respondents, according to Deputy-президента research company Randy Cohen, "range from small volunteer groups to institutions with a budget of tens of millions of dollars". Three quarters of the surveyed companies — non-profit organizations, other — commercial organizations and a few self-employed artists who were invited to register their studios as private enterprises. Among the respondents, — representatives of all 50 States within the United States.

More than two thirds of respondents believe that the crisis will have "severe" or "very severe" impact on their business. 94 % said that they had to cancel their event. About half said that the costs of the business have grown or will grow. 23 % of organizations have reduced their staff, and 43 % of managers believe that they will probably have to do it eventually.

in addition, the majority of respondents noted that it is too early to begin to estimate financial losses, the final volume of which will become clear only after the completion of the pandemic and overcome the next crisis.

"Obviously, the situation when art organizations already have a loss of $4.5 billion and even greater losses ahead as they, destructive to art-бизнеса", — says Randy Cohen. "We definitely lose part of the organization (American for the Arts. — AI.) by the time when survive associated with COVID-19 crisis".

the Material was prepared by Maria Kuznetsova AI

Source: news.artnet.com