“Scoping culture and heritage capital” report published by the UK Department for Digital, Culture, Media and Sport in October 2022 surveys how the value of arts, culture and heritage can be articulated and measured based on the governmental Culture and Heritage Capital approach.
Applying a “capitals” model for accounting for the value of arts, culture and heritage entails certain challenges that are described in the report as well as progress and future research needs arising from the implementation of this approach.
Recognising the arts, culture and heritage as an asset, the capitals model evaluates “not only its physical condition and how well it is maintained but also the stream of future benefits expected to flow from it over its lifetime”. This is a key point for the decision-making process that brings up a number of conceptual, methodological and operational questions.
The report’s recommendations aim to overcome methodological uncertainties of arts, culture and heritage evaluation as a capital.
They follow a three-tier structure:
- starting with Enhancing the theoretical debate
- Addressing methodological challenges
- Research capacity and capability building
Read the full report here to learn about the UK experience in applying capital approach to arts, culture and heritage.