Assessing the Financial Significance of Historical Landmarks and Cultural Landmarks
The Department for Culture, Media and Sport (DCMS) has taken a significant step forward in understanding the financial impact of cultural and heritage investments, publishing the Cultural and Heritage Capital Framework. While the exact title of this framework may not be widely recognized, its principles are embedded in various UK initiatives.
Valuing Cultural and Heritage Assets
A Rapid Evidence Assessment (REA) for DCMS has been conducted to survey valuation techniques and estimated values for a range of cultural and heritage assets. This research includes the evaluation of the British Film Institute's (BFI) Britain on Film service and the wider Unlocking Film Heritage archive program.
To estimate the values for regional galleries and theatres, surveys were conducted at several sites, including the Baltic Centre for Contemporary Art, Gateshead; Lady Lever Art Gallery, Liverpool; Manchester Art Gallery and the Millennium Gallery, Sheffield; Theatre Royal, Plymouth; Royal Exchange Theatre, Manchester; Leeds Playhouse and Birmingham Repertory Theatre.
Filling the Evidence Gap
The research allows cultural and heritage institutions to better demonstrate in financial terms the value they create for society. It helps to fill existing gaps in the evidence base, such as the value of visiting free museums, local historic buildings, and cultural services such as theatres and film archives.
Supporting Cultural Institutions
The benefits for cultural and heritage institutions in the UK from such frameworks and programs include financial support for capital works, conservation, and transformation projects. These initiatives also strengthen community engagement, support sustainability and resilience, enhance local economic and social benefits, and align with national policy goals.
Quantifying Intangible Values
The BFI's Britain on Film service was evaluated through a study using contingent valuation methods. This study assessed the range of values users and the general public have for the BFI's Britain on Film and the wider Unlocking Film Heritage archive program. The work will produce guidance in applying these values in business cases and funding decisions, starting with museums.
A Turning Point in Policy Evaluation
The research permits policymakers to assess interventions and investment decisions within the cultural and heritage sectors using accepted forms of policy evaluation such as Social Cost Benefit Analysis (SCBA). A guidance note is being published by Arts Council England to support the sector to produce higher-quality evidence for central and local government, thus strengthening the case for funding in the cultural sector.
In the coming months, the research will be extended to other types of cultural sites. This groundbreaking work represents a turning point in quantifying the value that cultural and heritage institutions bring to society, providing a solid foundation for future investments and policy decisions.
[1] National Lottery Heritage Fund: www.heritagefund.org.uk [2] Heritage at Risk Fund: www.historicengland.org.uk/whats-new/news/14-million-boost-for-37-heritage-sites-at-risk/ [3] Department for Culture, Media and Sport: www.gov.uk/government/organisations/department-for-culture-media-and-sport [4] Unlocking Film Heritage: www.bfi.org.uk/unlocking-film-heritage
- The Department for Culture, Media and Sport (DCMS) has released the Cultural and Heritage Capital Framework, a significant step in analyzing the financial impact of cultural and heritage investments.
- A Rapid Evidence Assessment (REA) for DCMS examines various valuation techniques and estimated values for a diverse range of arts and heritage assets.
- The evaluation of the British Film Institute's (BFI) Britain on Film service and the Unlocking Film Heritage archive program is part of this research.
- Surveys were conducted at regional galleries and theatres, including the Baltic Centre for Contemporary Art, Lady Lever Art Gallery, and Manchester Art Gallery, to estimate their values.
- The research aims to fill existing gaps in the evidence base, including the value of visiting free museums, historic buildings, and cultural services.
- Financial support for capital works, conservation, and transformation projects is a benefit for cultural and heritage institutions in the UK from such frameworks and programs.
- The work using contingent valuation methods on the BFI's Britain on Film service will produce guidance in applying values in business cases and funding decisions, starting with museums.
- Policymakers can now assess interventions and investment decisions within the cultural and heritage sectors using accepted forms of policy evaluation such as Social Cost Benefit Analysis (SCBA).
- This groundbreaking work represents a turning point in quantifying the intangible values that cultural and heritage institutions bring to society.
- In the coming months, the research will be extended to other types of cultural sites, providing a solid foundation for future investments and policy decisions.
- Resources such as the National Lottery Heritage Fund, Heritage at Risk Fund, DCMS, Unlocking Film Heritage, and BFI offer more information on this topic.
