Peternomics

THE SURPRISING LINK BETWEEN ART AND THE ECONOMY The art and visual culture degrees are often overlooked, as they come under the lines of ‘soft-skills’ and gather traits that many over-looks. However, in a modern changing environment many of the fast-thinking critical skills that the humanities subject acquires more employers are looking at, with the new tidal wave of millennials that bring in the chance of change. With some universities requiring higher A-level grades for undergraduate studies in Liberal Art degrees than Medical or Economic degrees; for example, Birmingham University requires AAA for Medicine and Economics while the Liberal Arts degree requires A*AA. Degrees in art and culture are becoming increasingly popular due to strengthening skills that many develop throughout the course, such as critical thinking as well as creativity and innovation that many employers look for. A study in 2016 produced by the Business Register and Employment Survey concluded that the art sector brought in 137,250 employment jobs where labour jobs only brought in 124,575 jobs in the same year. Clearly showing that not only were employers keenly looking for more creative and forward-thinking employees, but employers were also looking to improve staff knowledge and expand the range of thinking styles within the business structure. The performing arts category was the largest contributor to employment in the arts and culture industry, responsible for 35 per cent.

An article published by the Tate modern in 2019 stated that the modern gallery itself accumulates over around £100 million, of which £50 - £70 million is specific to Southwark with over 30% of the employment coming from local areas. This proves that the art and culture sector have direct links to the local welfare and economic growth. The Centre for Economics and Business Research’s (CEBR) also estimates that the arts and culture sector contributes £7.7bn to the UK economy. For every £1 of salary paid by the arts and culture industry, an additional £2.01 is generated in the wider economy through indirect and induced multiplier impacts. It is estimated that in 2016 the National Portfolio Organizations of Arts Council England (excl. museums) directly contributed £2.4bn in output, £1.2bn in Gross Value Added (GVA) and 22,300 jobs. The arts can be an important part of a city’s economic development and growth strategy—and this growth often comes without huge price tags or tax concessions.

Especially during the pandemic and lockdown many recognizable contemporary artists provided a range of entertainment through their own artist experiences as viewers were able to watch shows that not only provided educational understanding but a sense of stability. Grayson Perry created an art show which brought celebrities and artists together and allowed them to create showpieces personal to themselves.

Perry later produced an art exhibition which allowed the public to view the artworks in an open exhibition in Manchester- which was postponed due to the second lockdown; however, the exhibition brought a massive amount of funds to the gallery with the exhibition bringing in £10,241 in visitors. Perry is now travelling to other Uk art galleries showing off his own work ‘the pre-therapy years’ of his development. This can not only bring new tourism to cities such as York but also brings a new dynamic of spenders, again boosting the economy.

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