Abstract
If a museum’s purpose is more and better engagement with art by more people (over a long time horizon), the wealth society entrusts it with must be efficiently allocated across its property, its staff, its financial endowment, and its collection. Most large museums greatly overallocate their resources to collection items in storage that will (realistically) never be exhibited. For example, the collection of the Arts Institute of Chicago is tying up about US$30 billion (30 x 10^9); selling one percent of it (by value, not object count) off the “bottom” could endow free admission forever. A responsible deaccession policy frees up resources for (i) added exhibition space (ii) an economically efficient and just admission price (ii) livable wages and salaries for an expanded curatorial and education staff, all of which are key to arts engagement. It would also put art now hidden from view in regional museums, hospitals and courthouses, and collectors’ homes where it would be seen and create value. Art is too important to be managed with irresponsible business practices, or for the comfort and convenience of museum staff and donors: asset allocation is a core management practice.
Presenters
Michael O HareProfessor, Goldman School of Public Policy, University of California, Berkeley, California, United States
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
KEYWORDS
Deaccessioning, Asset Management, Engagement with Art, Museum Education, Financial Stress
