Evaluating the Monetary Worth of Historical Landmarks and Cultural Attractions
The Department for Culture, Media and Sport (DCMS) has published the Cultural and Heritage Capital Framework, a groundbreaking initiative aimed at preserving and enhancing the nation's cultural and heritage assets. This Framework serves as a strategic guide for the care, preservation, and public accessibility of these invaluable resources.
The Framework is designed to foster partnerships between DCMS and key cultural bodies, ensuring they can function effectively while advancing strategic government objectives. It also provides access to government funding and regulatory freedoms, enabling cultural institutions to sustain their collections and services.
One such example is the Creative Foundations Fund, which supports cultural organisations with critical estate repairs and improvements. The Framework also enables targeted grants to heritage projects through bodies like the National Lottery Heritage Fund, which funds restoration projects, community engagement, and other initiatives that connect people with heritage while generating economic activity at local and regional levels.
Recent studies conducted by the PEC, Nesta, and Simetrica-Jacobs, among others, have shed light on the economic and social value of these cultural and heritage assets. These studies, including those for Arts Council England (ACE), Historic England (HE), DCMS, and the British Film Institute (BFI), allow cultural and heritage institutions to better demonstrate their financial contributions to society.
One such study evaluated the British Film Institute's (BFI) Britain on Film service, using contingent valuation methods to measure the value people place on the service. The results showed that users of the BFI's free 'Britain on Film' portal valued this service at over £3 a month.
Moreover, these studies help fill existing gaps in the evidence base, such as the value of visiting free museums, local historic buildings, and cultural services like theatres and film archives. They also apply techniques developed in environmental and cultural research to estimate the values these activities and institutions create that do not have natural monetary measures.
The research also tested how engagement with archive film collections is positively associated with subjective wellbeing. This finding underscores the importance of these institutions not only as educational resources but also as contributors to the nation's mental health and wellbeing.
As the research extends to other types of cultural sites later in the year, it will continue to explore the implications for central government decision-making when applying these values in social cost benefit analysis. The reports published today mark an important turning point in quantifying the value that cultural and heritage institutions bring to society.
For those interested in learning more about these studies, contact Dr Ricky Lawton at [email protected] and John Davies at [email protected]. Together, the Cultural and Heritage Capital Framework and these groundbreaking studies are paving the way for a brighter future for the UK's cultural and heritage sector.
[1]: [Link to V&A Museum Framework Document] [2]: [Link to National Museums Liverpool Framework Document] [3]: [Link to National Lottery Heritage Fund] [4]: [Link to Creative Foundations Fund] [5]: [Link to DCMS Capital Funding Initiatives]
- The Department for Culture, Media and Sport (DCMS) offers a strategic guide, known as the Cultural and Heritage Capital Framework, for maintaining and making accessible the nation's cultural and heritage assets.
- The Framework encourages partnerships between DCMS and major cultural bodies to ensure their functionality and the advancement of strategic government objectives.
- Access to funding and regulatory freedoms within the Framework enables cultural institutions to maintain their collections and services.
- One of the initiatives supporting cultural organizations with estate repairs and improvements is the Creative Foundations Fund.
- The Framework additionally provides targeted grants to heritage projects via bodies like the National Lottery Heritage Fund.
- Economic and social value studies on cultural and heritage assets, conducted by organizations such as PEC, Nesta, Simetrica-Jacobs, Arts Council England (ACE), Historic England (HE), DCMS, and the British Film Institute (BFI), have provided insights into the financial contributions of these institutions to society.
- A study on the BFI's Britain on Film service quantified the user's valued service at over £3 a month using contingent valuation methods.
- The research also seeks to bridge existing evidence gaps regarding the value of visiting museums, historic buildings, and cultural services, employing techniques from environmental and cultural research.
- Engagement with archive film collections was found to positively impact subjective wellbeing, emphasizing the importance of these institutions as contributors to society's mental health and wellbeing.
- Extending to other cultural sites later in the year, the research aims to show the significance of these findings for central government decision-making in social cost benefit analysis, and serves as a stepping stone for a prosperous future for the UK's cultural and heritage sector.
