Britain's art museums are encountering a sharp decline in visitor numbers, particularly the Tate galleries, which lost 2.7 million visitors in five years. While some cultural institutions have recovered post-pandemic, the National Gallery and Royal Academy reported drastic declines in footfall. The ongoing shift in wealthy collectors' interests towards alternative investments is contributing to the challenges facing the art market. Bernard Donoghue of Alva notes that dependency on overseas visitors, including high-spending tourists from China, has exacerbated the problem. A few museums, like Cambridge's Fitzwilliam, have managed to increase their visitor numbers amid this decline.
Bernard Donoghue, chief executive of Alva, highlighted the decline and attributed it to the "triumph of the temporary blockbuster exhibitions," signaling a shift in visitor preferences.
Visitor numbers to the publicly funded Tate galleries have plunged by over 30 per cent since 2019, indicating a stark decline amidst a post-pandemic cultural landscape.
Despite a resurgence in some institutions, the Royal Academy's visitor numbers have halved, illustrating a broader trend of decline affecting regional art spaces.
The art market, facing challenges as wealthy collectors turn to alternative investments, reported a 31 per cent drop in fine art sales last year.
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