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The Return on Investment of the Guggenheim Museum Bilbao

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  • BEATRIZ PLAZA

Abstract

The city of Bilbao has made use of a museum as one of the multiple means to restructure its former industrial base. However, the effectiveness of this costly formula is not always clear. Three major issues have arisen: the effects of Guggenheim Museum Bilbao on Bilbao’s image, the effects on overnight stays, and the effects on the local economy. There is little debate about the first issue, and room for more evidence on the second and third issues. The aim is to quantify the museum’s impact on tourism and employment and to calculate its yield (Return on Investment and Net Present Value). The approach adopted is the quantitative analysis of statistical data to try to isolate the economic contribution of the Guggenheim.

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  • Beatriz Plaza, 2006. "The Return on Investment of the Guggenheim Museum Bilbao," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 30(2), pages 452-467, June.
    • Handle: RePEc:bla:ijurrs:v:30:y:2006:i:2:p:452-467
    DOI: 10.1111/j.1468-2427.2006.00672.x
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    1. Frey, Bruno S. & Meier, Stephan, 2006. "The Economics of Museums," Handbook of the Economics of Art and Culture, in: V.A. Ginsburgh & D. Throsby (ed.), Handbook of the Economics of Art and Culture, edition 1, volume 1, chapter 29, pages 1017-1047, Elsevier.
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