Philanthropy in Art: Locality, Donor Retention, and Prestige

Louis Shekhtman and Albert Laszlo Barabasi

No 5ebjw, SocArXiv from Center for Open Science

Abstract: A considerable portion of the funds in art come from foundations, representing a key revenue stream for many art organizations. Here we use the IRS e-file dataset to identify $36B in grants from 46,643 foundations to 48,766 art recipients between 2010-2019. We find that philanthropic giving is broadly distributed, indicating that some institutions give or receive considerably more than others. Giving is highly localized, with 60% of grants and funds going in the same state as the donor. Furthermore, donors often support multiple local art organizations that offer distinct experiences, rather than advancing a particular subarea within art. Donor retention is strong with nearly 70% of relationships continuing the next year. Finally, we explored the role of institutional prestige in foundation giving, finding that while funding generally correlates with prestige, exceptions exist. Our results present the largest and most comprehensive data-driven exploration of giving by foundations to art to date.

Date: 2022-06-11
New Economics Papers: this item is included in nep-cul
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:5ebjw

DOI: 10.31219/osf.io/5ebjw

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