Evaluating Cultural Property

Abstract

Decisions concerning cultural property are continually being taken by governments and public administrations. Preservation implies maintaining the stock and hindering its dilapidation and deterioration. The upkeep of the stock creates costs, as the resources involved (in the case of historic monuments, especially the sites) could potentially be used for alternative purposes. The costs involved consist of missed opportunities. They are real but not monetary, and they do not show up on any balance sheet. These opportunity costs, as economists call them, are often neglected in political and administrative decisions but should be taken into account in a socially-sound decision. In addition, the preservation of cultural property also requires current funds for repairing and safeguarding the objects. In order to be able to make reasonable decisions, an evaluation of the value of the cultural heritage (compared to relevant alternatives) is required.

This chapter is based on Bruno S. Frey (1997), “Evaluating Cultural Property”, previously published in the International Journal of Cultural Property, pp. 231–246, used by permission of Oxford University Press.