Culture & Heritage Capital

This research and guidance are part of the ongoing Economic Value of Culture project that is being carried out for Arts Council England by Nesta’s Creative Industries Policy and Evidence Centre and the research consultancy Simetrica-Jacobs. The aim of the project is to help arts and cultural organisations better demonstrate their social and cultural impact in economic terms. 

The Guidance Note, and accompanying research reports, provide a framework to estimate in monetary terms the value held by society that is not captured in existing economic measures such as ticket fees. The Guidance Note has been written for museums, galleries and theatres looking to develop their understanding of economic valuation estimates and how they can be applied in practice, such as to business cases and funding applications. 

The Contingent Valuation (CV) methods utilised in reports are in line with HM Treasury Green Book endorsed techniques from welfare economics to value the non-market as well as market benefits of culture. 

These reports are part of a wider programme led by the Department for Digital, Culture, Media and Sport (DCMS) to develop a Culture and Heritage Capital approach that will look to provide estimates of values for different categories of cultural and heritage assets. Access Culture and Heritage Capital portal here. 

Reports

Regional Galleries and Theatres Benefit (PDF, 2.62 MB)

Summary of Interviews with Sector Participants (PDF, 427.05 KB)

Measuring the value of the digital offer of galleries and museums (PDF, 1.79 MB)