The Economy of Art

WHEN: September 3, 2014

WHERE: Krynica, Poland

The panel discussion will be organized by the Aspen Institute Prague within the Economic Forum in Krynica. It will address the question of how to employ art as an economic instrument. In order to contest the general public perception in Central Europe that art does not generate considerable economic value, it will be looked at in terms of its commercial and social profitability.

Art production in general will never match other sectors’ contribution to the national gross value added nor will it be the main financial asset in one’s investment portfolio. However, art has the potential to boost both economy and employment, and – if properly exploited – business potential of companies.

Debate will focus on the following points:

• In the Central Eastern European region, is it possible to interest more private money into art to make it less dependent on state support? If so, how?
• How does art contribute to the local/ regional/ national economy and how can this contribution be further increased?
• How to inject art into business strategy of wealthy individuals and companies?
• What can be done to inspire companies to deepen the cooperation with artists?
• How to further promote artists’ participation in the business chain? Should it be themselves, galleries, art managers or state, who support their engagement?

Panelists:

• Petr Hájek, Director, The Chemistry Gallery
• Jakub Kokoszka, CEO, Abbey House Group S.A.
• Anna Povejšilová, Specialist, Christie’s, London
• Deyan Sudjic, Director, Design Museum

Chair: Ivan Hodač, Founder and Member of the Board, Aspen Institute Prague