Major
Art History / Arts Management
Research Abstract
This essay analyzes the various strategies that museums have employed over the years in order to obtain the money necessary for acquisitions, conservation, and operating costs. It touches upon taxation, endowments, investment, debt, public and private donations, corporate sponsorship, earned profit, deaccessioning, and innovative financial solutions that can only be described as ‘miscellaneous.’ The essay makes a distinction between three different types of museums: nonprofits, for-profits, and “hybrids.” It delineates numerous fundraising and cost-saving methods, and highlights the sheer diversity of funding sources available to museums. These findings are particularly relevant in light of the current financial crisis.
Faculty Mentor/Advisor
John Zarobell
Course
Art & The Global Economy; Prof. John Zarobell
Included in
Museum Funding
This essay analyzes the various strategies that museums have employed over the years in order to obtain the money necessary for acquisitions, conservation, and operating costs. It touches upon taxation, endowments, investment, debt, public and private donations, corporate sponsorship, earned profit, deaccessioning, and innovative financial solutions that can only be described as ‘miscellaneous.’ The essay makes a distinction between three different types of museums: nonprofits, for-profits, and “hybrids.” It delineates numerous fundraising and cost-saving methods, and highlights the sheer diversity of funding sources available to museums. These findings are particularly relevant in light of the current financial crisis.
