Last year UK museums received more private-sector funding than ever before, according to a new report by the Arts & Business charity.
Investment in museums for 2006-07 amounted to £85.6m, up 37 per cent on 2005-06. Trusts and foundations provided £32.2m, with £24.6m from corporations and £29m from individuals.
Over the past decade national museums have continued to attract high-profile sponsors for temporary exhibitions and special projects. Apart from the various corporate hospitality events tied in to such museum partnerships, big business has enjoyed the "halo effect" of being associated with successful museum "brands".
The British Museum (BM)recently announced a 10-year, £1m partnership with Mitsubishi. The Victoria & Albert Museum (V&A) has secured substantial funding from corporations such as Ernst & Young and Habitat, while HSBC is backing China Design Now, which runs from 15 March-13 July. Museums Journal understands that such sponsorship packages are often in excess of £250,000.
But conglomerates may tighten their belts in light of a predicted economic slump. Nicole Newman, head of corporate partnerships at the V&A, struck a note of caution: "The climate is challenging," she said. "The sponsorship market is evolving and museums have to respond to the changing corporate environment by being more imaginative."
Jean-Philippe Paré, head of marketing at financial-services firm Morgan Stanley, sponsor of The First Emperor show at the BM, said: "Before embarking on any arts sponsorship, we undertake a rigorous evaluation process to ensure that the sponsorship meets all our criteria. We will evaluate future opportunities in the same way."
Regional museums are equally keen to collaborate with corporations. The Museum of Science and Industry in Manchester has recently failed in its bid for funding from the Heritage Lottery Fund (see p4) for a £54m redevelopment plan.
A spokeswoman said it may now turn to private backers. "We are reviewing our plans for delivery of Revolution MOSI, and part of that will be to identify appropriate sources of funding," she said. "This may well include some corporate funding where that fits into the aims and agenda of Revolution MOSI.
"We have used corporate funding where it fits with the museum's messages, such as BT Connected Earth's sponsorship of our Connecting Manchester Gallery."
Arts & Business canvassed 410 museums and received 106 responses. Its figures were then extrapolated from the data. Institutions were required to classify themselves as either museums or galleries, with the latter falling into a "visual arts" section separate from the "museums" category.
According to the Arts & Business survey, the visual arts suffered a 2.1 per cent drop in private funding over the past year.
Investment in museums for 2006-07 amounted to £85.6m, up 37 per cent on 2005-06. Trusts and foundations provided £32.2m, with £24.6m from corporations and £29m from individuals.
Over the past decade national museums have continued to attract high-profile sponsors for temporary exhibitions and special projects. Apart from the various corporate hospitality events tied in to such museum partnerships, big business has enjoyed the "halo effect" of being associated with successful museum "brands".
The British Museum (BM)recently announced a 10-year, £1m partnership with Mitsubishi. The Victoria & Albert Museum (V&A) has secured substantial funding from corporations such as Ernst & Young and Habitat, while HSBC is backing China Design Now, which runs from 15 March-13 July. Museums Journal understands that such sponsorship packages are often in excess of £250,000.
But conglomerates may tighten their belts in light of a predicted economic slump. Nicole Newman, head of corporate partnerships at the V&A, struck a note of caution: "The climate is challenging," she said. "The sponsorship market is evolving and museums have to respond to the changing corporate environment by being more imaginative."
Jean-Philippe Paré, head of marketing at financial-services firm Morgan Stanley, sponsor of The First Emperor show at the BM, said: "Before embarking on any arts sponsorship, we undertake a rigorous evaluation process to ensure that the sponsorship meets all our criteria. We will evaluate future opportunities in the same way."
Regional museums are equally keen to collaborate with corporations. The Museum of Science and Industry in Manchester has recently failed in its bid for funding from the Heritage Lottery Fund (see p4) for a £54m redevelopment plan.
A spokeswoman said it may now turn to private backers. "We are reviewing our plans for delivery of Revolution MOSI, and part of that will be to identify appropriate sources of funding," she said. "This may well include some corporate funding where that fits into the aims and agenda of Revolution MOSI.
"We have used corporate funding where it fits with the museum's messages, such as BT Connected Earth's sponsorship of our Connecting Manchester Gallery."
Arts & Business canvassed 410 museums and received 106 responses. Its figures were then extrapolated from the data. Institutions were required to classify themselves as either museums or galleries, with the latter falling into a "visual arts" section separate from the "museums" category.
According to the Arts & Business survey, the visual arts suffered a 2.1 per cent drop in private funding over the past year.
