Recently, an economic study was released about ArtPrize’s impact on the local economy of Grand Rapids, MI. The study was based on tourism: hotel and restaurant spending, retail sales and travel expenses like gas.
Of course, the economic impact of a cultural event stretches far beyond tourism (how much was spent by 192 venues preparing for ArtPrize 2011?), but can cultural impact be quantified in dollars?
Listen to a few suggestions on how to price cultural impact by one of our 2010 speakers, Hasan Bakshi. Bakshi is formerly Senior International Economist at Lehman Brothers, now Director of Creative Industries in the Policy & Research Unit at the National Endowment for Science, Technology and the Arts in London.