In our current climate it is not unusual to hear the arts discussed as a frivolity, or an afterthought. In the wake of severe global recession many arts organizations, museums and non-profits are reeling from budget cuts and struggling to create innovative programming and carry out new projects amid the tumult of layoffs and loss of funding. However, cultural spaces and public art projects are truly a city’s greatest asset during times of financial trouble.
There is a very interesting article discussing the economic impact of Olfaur Eliasson’s Waterfalls project in 2008. The document prepared for New York City Economic Development Corporation in October 2008 discusses the many visitors to New York that summer who stated their main motivation for visiting was to see the waterfalls.
The folks visiting New York that summer spent money on food, lodging, transportation and entertainment. That cash rippled through the city’s economy to the tune of nearly $69 million in economic output. Businesses situated near the waterfront in Manhattan, arguably one of the best vantage points, reported a significant increase in revenue. Two restaurants–one on the Brooklyn side of the river, the other near Manhattan’s South Street Seaport—were erected exclusively to serve the foot traffic produced by the spectacle.
The Gates, the stunning, celebrated exhibition by Jeanne-Claude and Christo in Central Park was similarly lucrative for the city drawing 1.5 million visitors to the city during the traditionally slow, slushy month of February.
The project consisted of 7,503 vinyl “gates” along 23 miles (37 km) of pathways in Central Park in New York City. From each gate hung a panel of deep saffron-colored nylon fabric. The exhibit ran from February 12, 2005 through February 27, 2005. Food cart vendors who usually pocket about $100 a day during that time of year took home close to $1,000; a pretty strong indicator of the influx of tourist dollars.