Every few weeks there’s new information about the tangible, economic benefits of the arts. This time, The Atlantic Cities reports on public art in LA. The article reveals that two huge murals were installed at a recent mixed use development. The project cost $75,000, but had many benefits:
From this relatively modest investment in public art the project received more publicity, more public recognition, and more leasing interest than from any other element of the entire budget. The murals became a marketing bonanza.
The murals ultimately landed the development in a plethora of publications, generating a lot of free publicity. The article continues,
The private marketing benefits, in real-dollar terms, of this modest public art investment are almost inestimably high. The continuing visibility, publicity, and brand identification that public art provided for the project were purchased for less than one-tenth of 1 percent of the project’s total cost.
The article also mentions another project, where art was used to create an identifiable building that proved skeptical officials wrong about the arts’ return on investment. The article concludes,
Investments in public art are not just for cultural or aesthetic purposes; they also can have a positive bottom-line economic impact, with material financial benefits to their owners. Good art is good business.