"Culture is a good investment"

Culture and economic growth go hand in hand.  Public authorities, cultural stakeholders, as well as the art market, bear witness to the added-value of the cultural sector in terms of job creation, attractiveness and social cohesion.

For Guillaume Rose, this is a given.  "In Monaco, culture and the economy are extremely closely linked."  During a Monaco Eco Club meeting dedicated to the contribution of culture to the Monégasque economy, the MEB CEO, who is also President of the Culture and Heritage Commission, mentioned that the country's prosperity was due to the desire of Marie and François Blanc, in 1863, to make Monaco and Monte-Carlo "a place of creation and artistic explosion."
Monaco devotes 4.65% of its budget to culture, in contrast to France, which dedicates 1%.  "Thanks to this effort, Monaco offers a great cultural diversity, which allows it to shine from an economic point of view.  Culture is a good investment: it's part of Monaco's attractiveness," says Lionel Beffre, Minister of the Interior, indicating that 40% of the culture budget is allocated to investment, as demonstrated by the forthcoming 4,000-m² extension of the New National Museum of Monaco (NMNM), designed by Renzo Piano (30 months of work starting at the end of 2025), an institution that alternates between general-public exhibitions and more specialised ones.  "The presence of a museum like the NMNM sends a clear message to a population likely to be attracted to Monaco as a place of residence, who find this demand for high standards appealing.  Some people choose Monaco over Dubai for cultural reasons,” according to Guillaume de Sardes, NMNM Development Department Manager, who believes media coverage of this demanding museum policy is a plus for the country’s image.  A point of view shared by Bruno Mantovani, Artistic Director of the Monte-Carlo Printemps des Arts spring arts festival and a member of the Academy of Fine Arts in France, who emphasises the need to support culture: “It’s a unifying element, the incentive for innovation, elevation, which must be accessible to all! Thanks to aid from the Monaco government, there is the possibility here of being a bit of a place of resistance.  We are in an experimental workshop – and that’s a luxury!”  "Like other cultural institutions (the Ballets de Monte-Carlo with the CFM, for example), the Printemps des Arts is sponsored by a private patron, the Rothschild & Co Bank.  "It is an intelligent and assumed public/private partnership," notes Jean Castellini, former Minister of the Economy.

Satisfying collector demand
Monaco is home to many art lovers and collectors, which is why the Opera Gallery group, founded in Singapore in 1994 and boasting 14 exhibition spaces, chose to establish itself in the Principality in 2008.  "There are art lovers amongst the residents who have very high-quality collections and we need to be able to meet this demand; that's what we're here for," explains Damien Simonelli, Director of the Opera Gallery Monaco.  "We created the Monaco Masters Show, which brings together works by great masters in July and August, an event that only takes place in Monaco."  Last year, the art gallery at the Palais de la Scala presented some 60 works by Fernando Botero, Marc Chagall, Jean Dubuffet, Pablo Picasso and many others, on the theme, The Côte d'Azur, Land of Inspiration.  The Artcurial auction house has been established in Monaco since 2015, organising events in the Principality since 2006, mainly in the luxury sector.  Its Director, Olga de Marzio, pointed out that each sale corresponds to a VAT payment and highlighted the fruitful collaborations that can be set up in the Principality, such as Monaco Art Week, which brings together some 15 galleries and auction houses, or the sale of sculptures that it regularly organises with the Monte-Carlo SBM, featuring works set in iconic locations in Monaco beforehand.  "Artcurial is part of the artistic programming of the Art Fair and the Summer Exhibition.  It puts us in the spotlight and strengthens the image of the Principality as a cultural centre.”

€10 million in annual revenue from the Grimaldi Forum
In addition to its now unmissable summer exhibition, the Grimaldi Forum organises "40 cultural events per year that attract between 120,000 and 150,000 visitors," notes Catherine Alestchenkoff, Director of Cultural Events.  "This naturally benefits the Monégasque economy.  Based on figures from the Tourist and Convention Authority, we estimate the revenue from cultural visitors to the Grimaldi Forum at around €10 million per year for Monaco."  A place of synergies, the cultural and convention centre hosts all the major institutions, such as the Ballets de Monte-Carlo, the Philharmonic Orchestra and the Opera.  "A new clientèle is settling here, partly for the cultural appeal; and because our mission is also to educate, admission is free for those under 19,” she added.

 

By Milena Radoman, Monaco Economie