How the art in london effects london economy Essay

How the art in london effects london economy - Essay Example Needless to say, London art drives the economy of London in its own way. Not only are millions of funds generated in art sales every year, the art market also creates scope for new jobs, media spend and regeneration. Approximately 10,000 people are employed in the over 120 art galleries of London alone. Finally various other industries also benefit in the process. Underlined are more details on the London art market and how it drives the economy of the nation. UK is the world market leader when it comes to auction sales by volume, and demonstrates an approximate 30% in the world market share. With London holding an important position in the UK art market, it is needless to add that its various auctions form the art market of UK. The London art market is strongly driven by its Frieze art fair, collector Charles Saatchi and finally the approximately fifty new galleries that have opened up at East End. Three main auction houses mainly operate the art markets of London. Statistics reveal that put together, $353 million worth of art changes hands in these markets, that too in the off season. Christie's conducted their biggest ever sales in the year 2006 and reported sales of approximately 78%. Sotheby profits heavily too. It indicates that the art market of London functions through many micro markets, which revolve around specific artists or genres. Among these micro markets, those of old Masters, Impressionist and Modern Art have seen the gre atest rise. The post war and contemporary market have also shown a rise of over 45% over 2006. As the financial markets represent the economy of the nation, the art market reflects the willingness of the rich to spend disposable amounts of money on works of art. However along with this market, there are also some pieces of art that have not sold at all. One glaring example is the sale of Basquiats which were reported to sell at the $5 million range in the 1988 time period. As people expected the prices to go up several notches to touch the $10 million mark, many were surprised when the pieces did not sell over the last few years. While some say that this indicates a fall of economy in the London art market, many others state that this issue is just a matter of quality, which was presented through signature elements in the earlier Basquiats, but absent now. So discerning customers are not overspending but are choosing to spend their money on certain micro markets, which are present a nd growing and taking the economy to a new high. Tourism booster Tourism is an important economy generator in London accounting for one tenth of the city's economy. The various art galleries of London serve as a major attraction to tourists and international visitors who come from diverse parts of the world for the various art fairs. These tourists not only enhance the economy by spending on pieces of art in London, they do much more. They provide the much needed boost to local economies through their spending during their stay, which is approximately 2.3 million locally. A study conducted in 2005 by MEW Research at the National Gallery, on their 2004-2005 exhibition on Raphael: From Ubrino to Rome, indicated similar results. The exhibition attracted 47% people from UK and 17% tourists from abroad. Studies also revealed that 47% tourists came specifically for the exhibition.

Business Scenario Essay Example | Topics and Well Written Essays - 1250 words

Business Scenario - Essay Example making process in Kava. Let us consider the factors for each factor and explore them further. The three main factors identified are Business Risks, Business Environment and Stakeholders. The Business risks have been identified as natural and man made disasters. Natural disasters can be tsunamis, earthquakes and so on. Since Kava is in an island in the South Pacific regions, these factors can cause widespread damage. But there are many countries in this area that have managed to survive and prosper in this same region and they have done this by creating the right type of infrastructure. Nike Corporation needs to develop better weather forecasting methods that would help to serve as early warning systems for the occurrence of such events. With their massive clout, they need to get satellite warning systems that can analyze the weather and give sufficient warning. They also need to develop earthquake-warning systems that would foretell the occurrence of earthquakes. Man made disasters include AIDS and Avian Flu. AIDS is a global phenomenon and this can be mitigated by creating sufficient awareness about the disease and invoking proper safe sex methods among the populace. If a certain section of the populace such as sex workers are suspected to be the main source, then they need to be hospitalized and proper treatment given to them. Avian flu and other diseases are also global maladies and sufficient expertise is available in combating them. Proper health procedures, health checks, etc. can be implemented to ensure that the disease does not spread and is contained effectively. It is very important that a common consensus and effort be developed among all the citizens to combat these events. Since these factors can affect all communities, mitigating these risks can serve as the start point of creating a common bonding and a common identity. Business environment factors include the various communities and groups that are active in the