Private investment in the arts in London has increased by more than double the national average, figures reveal.
Arts and Business’ Private Investment in Culture research has highlighted that investment in the arts in the capital climbed by nine per cent during 2010-2011. This bucked a national trend of a four per cent rise nationwide.
Arts and Business, which compiled the research, revealed that business investment has fallen for the fourth consecutive year across the UK, but this has been offset by additional investment from funds and foundations.
The report underscores London’s importance to the arts sector in Britain, with 71.1 per cent of the total private investment going to projects in the capital.
Jonathan Tuchner, senior consultant at Arts and Business, said it is no surprise that London continues to perform well.
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He said: “London has world class cultural brands offering dazzling content. It has supremely gifted development teams with the confidence to secure a range of partnerships with business and individuals.
“It is also becoming more skilled at converting existing audiences into the donors of the future.”
Tuchner also explained the importance of cultural investment, especially in the current financial climate.
“Culture is a force for good throughout all of our communities. Only with the contribution of business will we achieve the growth which will ensure culture goes from strength to strength,” he said.
“Businesses need to find ways to reconnect with their communities and the arts are their secret weapon.”