Date of Creation
5-1-2021
Degree Type
Departmental Honors Thesis - Restricted Access
Abstract
While art crime is a problem that is happening with increasing frequency, museums often have little security and do not insure their priceless pieces. Museums are already vulnerable, as the very nature of museums allows criminals to walk right in the front door and face million dollar works with nothing standing in between them. When museums are stolen from, they lose pieces of unimaginable value, so it is puzzling that further precautions are not taken. In reviewing notable art thefts throughout history there are instances where the theft and the press surrounding it benefitted the artist, owner or the piece itself. While there are certain cases of times where positives come from theft, there is little conclusive evidence or research on the area as a whole. Using a difference-in-difference regression I will test whether a large theft in 2012 had an effect on a representative group of museums financials, specifically their attendance revenue, membership revenue, fundraising revenue, and insurance payments. Results indicate that the theft had no implications on the museums financials, whether it be positive or negative. There is some evidence that the number of stolen works have an effect on museums financials, perhaps showing that larger museums differ in their financial plans.
Recommended Citation
Kelly, Vanessa, "How Art Theft Affects Museum Attendance, Membership, and Fundraising Revenue" (2021). Economics and Accounting Honors Theses. 32.
https://crossworks.holycross.edu/econ_honor/32