""Museums, art galleries, theaters, and performing arts spaces across the U.K. are facing the biggest financial and existential threat to their survival in generations, and yet their role not just as important public and civic spaces, but as places where people can collectively imagine and create new sustainable futures feels more important than ever.""
""Mazzucato's appointment is essential to transforming our shared understanding of the value of culture, socially and politically.""
Museums globally face financial challenges due to rising costs and reduced funding. Institutions are exploring various revenue strategies, including ticket price increases and corporate sponsorships. Whitechapel Gallery in London has appointed an economist-in-residence, Mariana Mazzucato, to innovate financial strategies and redefine cultural value. The gallery's financial struggles are evident, with a significant deficit increase and declining exhibition income. The role of museums as civic spaces is emphasized as crucial for fostering sustainable futures amid these challenges.
Read at Artnet News
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