Raising Private Investment Funds for Museums

Tsjalle van der Burg, Wilfred Dolfsma, Celeste P.M. Wilderom

Tsjalle van der Burg is Associate Professor of Economics at the School of Business, Public Administration and Technology, University of Twente, Netherlands, specializing in the economics of sport. He has published in the fields of environmental economics and cost-benefit analysis.
Wilfred Dolfsma is Associate Professor of Innovation Management at the Rotterdam School of Management, Erasmus University Rotterdam, and the Maastricht Economic Research Institute for Innovation and Technology, Maastrict University, Netherlands. He is associate editor of the Review of Social Economy and a member of the scientific council of the European Association of Evolutionary Political Economy.
Celeste P.M. Wilderom is Professor of Management and Organizational Behavior at the School of Business, Public Administration and Technology, University of Twente, Netherlands, specializing in leadership, organizational culture and service management. She is associate editor of the Academy of Management Executive, the British Journal of Management and the International Journal of Service Industry Management.

ABSTRACT 
The authors propose the notion of an “arts fund,” a publicly traded investment fund for the purpose of acquiring increasingly costly art works to be displayed in museums. Public as well as private museums stand to benefit greatly from such an approach to financially supporting the arts. A well-managed public-private partnership is likely to bring both material and public relations rewards to all the shareholders and stakeholders involved.
KEYWORDS
Arts investment fund, public-private partnership, arts financing
RÉSUMÉ
Les auteurs lancent l’idée d’un « fonds des arts », soit un fonds de valeurs négociables pour l’acquisition, à l’intention des musées, d’œuvres dont les prix ne cessent d’augmenter. Les musées publics et privés auraient avantage à ce que soit adoptée une telle approche du financement des arts. Actionnaires et autres parties intéressées tireraient vraisemblablement profit, sur le plan matériel et en termes de visibilité, d’un partenariat public-privé bien géré.
MOTS CLÉS 
Fonds des arts, partenariat public-privé, financement des arts
RESUMEN 
Los autores proponen la noción de un “Fondo Artes”, es decir un fondo de inversiones cotizado en bolsa, creado con el objetivo de permitir la adquisición de obras de arte cada vez más onerosas para exponer en los museos. Todos los museos, tanto públicos como privados, pueden beneficiarse de esta manera de enfocar el apoyo financiero a las artes. Bien administrada, una alianza entre el sector privado y el público puede traer, a accionistas y partes interesadas por igual, importantes recompensas tanto en términos materiales como de relaciones públicas.
PALABRAS CLAVE 
Fondo de inversión de las artes, alianza entre el sector público y el privado, financiación de las artes