Invisible Effects – The Art Market as an Attraction for Tourism

• The art market supports revenues and employment indirectly by adding to the cultural and historical attractions available to visitors to London and other centres throughout the country. Cultural tourism is one of the largest and fastest growing sectors of global tourism markets, and art, culture and the creative industries are increasingly being used to promote destinations.
• The International Passenger Survey revealed that 7.4 million visitors from overseas (or 23%) visit museums or art galleries. London is a hub for tourists interested in the art market and over half of inbound tourists to the city on holidays visit art venues during their stay.
• A recent study by Deloitte found that the visitor economy as a whole directly generated 4% of the UK’s GDP and, when the indirect contribution of related sectors in the supply chain to tourism were taken into account, the estimated contribution of tourism to GDP was 8%, or £114 billion.
• It is thought that cultural tourism accounts for at least 40% of all tourism, giving an estimated 1.2 million jobs in that sector in 2010.
• Cultural tourists have also been shown to be the highest spenders within different tourist segments. It is estimated that at least 28% of spending by overseas visitors to the UK is directly motivated by arts, cultural and heritage.

“The market encourages visits from collectors and they have done much to support Britain’s cultural institutions; a flourishing art trade in London enables dealers themselves to be generous supporters; and the art trade depends on expertise which it also fosters. Curators and dealers and auction house specialists learn from each other, and it is a great advantage to any scholar working on old master paintings to be able to see so many more than would be available if the market moved elsewhere.”

Dr Nicholas Penny

Director, The National Gallery, London

“London’s pre-eminence in the international art market enriches the experience
 of museum staff and encourages the exchange of ideas between curators and experts in the trade”

Dr. Mark Evans

Senior Curator of Paintings, Victoria and Albert Museum

“London’s position as an international centre for art depends on a flourishing art market as well as its great museums. Together they make London a major attraction for anyone interested in visual arts and heritage”

Sir Nicholas Serota

Director, Tate

-> The British Art Market <-