the art collectors

Thursday, March 5th, 2009

Going, Going, Gone – Corporate Philanthropy to Arts Plummeting

We’ve already seen the dramatic effect of the reeling economy on the arts, as several museums announce layoffs, cuts in programming, or outright closure. As reported by ArtInfo, a new study by business analysts, The Conference Board, predicts that corporate philanthropy will plunge further throughout 2009, with charitable giving to the arts taking the biggest hit. According to the survey of 158 companies, 45% had already implemented a reduction in their 2009 giving budgets and 41% reporting a decrease in funding for the arts. These numbers are likely to rise as the year unfolds.