News

Arts and business news from around the country.

RSS

Banking on The Arts

Posted by Melyssa Muro
0 Comments

In the world of arts funding, the star roles are played by banks, with the lead role in the hands of Bank of America Corporation, 2012 BCA 10 honoree. As a Founding Member of the Museum of African American History and Culture in Washington, DC and Global Sponsor of the Chicago Symphony, Bank of America’s arts scope reigns vast and inclusive. In fact, twenty-two percent of performing arts organizations have reported a partnership with Bank of America.

 

As such, bank partnerships with arts don’t stop there. KMPG, US Bank (2015 BCA 10 honoree), and JPMorgan Chase round out the top 5 art-sponsoring banks, each partnering with 11% of performing arts organizations. With astounding numbers like these, it’s clear to see how an IEG research led to the conclusion that banks are 11.4 times more likely to sponsor the performing arts than the average of all sponsors. Here are the banks that are following suit, with the percentage of arts organizations they are involved with:

 

 

Furthermore, the study illustrated that the amount given to the arts—both visual and performing—has been steadily increasing and is projected to reach a total of $970 million for this year. In this way, Bank of America and its supporting cast are not only making themselves known, they are truly creating a legacy teaming with vitality and vibrant culture.

 

(All numbers and image are taken from IEG research findings)

Related

The New Attitude of Corporate Sponsorship for the Arts

Posted by Melyssa Muro
0 Comments
The New Attitude of Corporate Sponsorship for the Arts

Established in 1947, Vermont’s Shelburne Museum of art and Americana is an iconic landmark encapsulating the fascinating history of arts patronage and the role of art in the contemporary world. Its director, Tom Denenberg, considers the museum, “a legacy piece for any Gilded Age robber baron,” as it was founded by Electra Havemeyer Webb, the daughter of Henry O. Havemeyer, whose domination of the sugar industry with the American Sugar Refining Company has deemed him as robber baron. Henry and Electra were avid collectors of art, particularly Impressionist pieces, not only for personal interest but also because they saw the value of creating an inviting attraction for consumers and local workers alike.

 

As such, the relationship between corporation and arts has remained one predicated by personal fulfillment and sweetened by local engagement. For example, Denenberg has noted, IBM’s Thomas J Watson supported Grandma Moses, whose work is currently on exhibition at Shelburne. In later years, corporation financing of arts projects has taken the shape of patronage in return for recognition within exhibitions, along with printed logos in event and member publications. In this way, sponsorship “becomes an adjunct of marketing,” according to Denenberg, the benefits of which are integral to keep many arts groups running, including Shelburne—which averages $9 per person in revenue but spends nearly $60 apiece.  

 

More recently, companies have pushed part traditional marketing and utilize sponsorship of the arts as means of employee recruiting, retention, and engagement. Headquartered in Burlington, not too far from Shelburne, Dealer.com regularly sponsors local arts events, such as the stage for City Hall Park’s Festival of Fools and a mural of late DJ A-Dog. Jill Badolato, director of social responsibility, has expressed that an arts-engaged community helps attract and retain employees. As testament to this, they maintain an art wall amid their Pine Street office, which has generated $165,000 in sales for local artists. For these and many other efforts, Dealer.com has been selected as an honoree for this year's BCA 10. Surely, employees are not only impressed by the initiative but proud to be part of such laudable efforts to support local art and the community.

 

(Photo: Shelburne Museum website, The Life and Art of Grandma Moses)

Related

Already a partner?

Already a partner?

Learn easy ways to take your partnership to a new level.

Use our ads locally

Use our ads locally

View The pARTnership Movement ad campaign and find ways to use the ads.

pARTnership videos

pARTnership videos

Watch and share our videos from The pARTnership Movement.

Partnership ideas

Partnership ideas

Inspire employees with tickets to the ballet or a concert.

Are you an arts group?

Are you an arts group?

Get listed in our searchable directory.

Recruit talent

Recruit talent

Employees want to live and work in a vibrant community.