Premier Art Finance Artemundi Group / 2019 Premier Art Finance Artemundi Group : 201 | Page 23

New Yo rk · Lo n d o n · Mexico C ity · Ma drid
ABOUT PRIVATE MUSEUM ENDOWMENTS .
Of the over 317 privately funded contemporary art museums around the world, only 1/5 of them have opened in just the last past 5 years.
Source of Income*
Continent Allocation of Private Museums
Entrance Fee 49%
Museum shop(s) 46%
Sponsoring f rom commercial companies
(e.g. exhibition sponsored by...)
North America
45%
Europe
40%
Renting out venue for events,
external parties
34%
33%
29%
Donation f rom art patrons
Government subsidies 23%
F&B outlet 22%
Other
15%
88%
Founder´s resources
Asia
1%
2%
Middle East & Af rica
10%
Australia
4%
Latin America
70% of private museums were funded after 2000. South Korea
has 45 private art museums, the highest number in the world. The
United States ranks second with 43, followed by Germany with 42,
China at 26, Italy with 9, and Japan at 11. Today museums are considered places first and foremost for
human beings and no longer just for objects. They are community-
minded agents of change and development through the creation of
innovative programs, stimulating projects and educational events
that encourage wellbeing in society.
Budget for Private Museum Programs and Offering*
4%
More than 5M USD
18%
24%
Less than Less than
5M USD 100K USD
34%
20%
Less than Less than
1M USD 250K USD
Endowments have become a serious concern among museums all
around the globe due to performance-limiting factors in fundraising
such as:
• museum’s dependency on the founder’s or corporate resources
• lack of governmental funding and private donor support
• ageing boards
Museums tours 66%
Public lectures/ talks 65%
49%
Kids and Senior programs
Awards
Artist-in-residency
Other
12%
20%
40%
• the escalating price of ambitious art programming
• the rise of operational costs from recruiting and retaining top talent
• the increase of promotional and marketing expenses
*More than one variable
©Larry’s List AMMA Private Art Museum Report, 2016
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