The new edition of “Economy of Beauty” was presented in the context of the study days di Banca Ifis in collaboration with the Directorate General for Contemporary Creativity of the Ministry of Culture. The study day entitled “Economy of Beauty, Art and Culture strategic assets of competitiveness”, was held at Villa Fürstenberg in Mestre and aimed to stimulate debate around the theme of social commitment intertwined with the world of art and the promotion of cultural activities.
Italian companies investing in art and culture
There are over 700 Italian companies that invest in art and culture, producing a total of 192 billion euros in annual revenues and recording a productivity that is 1,4 times higher than the average, which rises to over 3 in the banking sector. With the fifth edition of Economy of Beauty, a business culture platform, the goal is to enhance the economic heritage of Beauty generated by Italian SMEs. In the 2024 edition, the study delves into the ability of Italian companies to develop cultural and artistic projects in addition to their impacts on productivity. According to the report prepared by the Banca Ifis Research Office and just presented "Economy of Beauty, Art and Culture strategic assets of competitiveness", companies that make this type of investment produce a strong change both within the company and in its positioning towards external stakeholders. A change that translates into a increase in productivity greater than 1,4 times compared to companies of similar size operating in the same market, in addition to one wage growth greater than 2,2 times, with an indirect impact, therefore, also on the valorization of skills. The study shows that these are companies with a long tradition, following the history of our country: 6% have been on the market for more than 65 years and the number increases during the 60s (29% the relative incidence), going on to establish between the 80s and 90s almost 43% of companies with, finally, another 22% of these companies that began operating in the XNUMXst century.
Geographical distribution
18 out of 20 regions have active businesses that demonstrate art and culture planning. Of these, 79% are concentrated in the Central-Northern regions, the first Lombardia (227) Veneto (123) and Emilia Romagna (112). Umbria is a special case, emerging with a penetration of 18% of the entrepreneurial fabric. As regards size, 8 out of 10 have a turnover of less than 250 million Euros. The over 700 companies found are distributed across various production sectors: fashion, mechanics, agri-food, just to mention the first three sectors made up of companies that invest in artistic-cultural projects.
The banking groups involved
They have been identified 16 banking groups which have adopted, in a structured and continuous way, projects and initiatives on art and culture from which it emerged that: 68% of banks adopt approaches to building solid relationships with the territory and communities; 20% use art and culture to communicate and involve their external stakeholders; 12% consider these projects as tools for innovation and creative stimulation. The involvement of their employees is strong and present across all three defined areas. Furthermore, according to data from Economia della Bellezza, the increase in productivity of banking groups with projects on art and culture is equal to 27% in the period 2018-2022, higher than the +8% of the total banking system, with a performance equal to more than three times the average annual growth rate of the sector and approximately twice the annual growth rate of wages.
The case of Banca Ifis
Banca Ifis's commitment to art is expressed through Ifis art, the brand wanted by the President Ernesto Fürstenberg Fassio to bring together all the Bank's projects in the field of art and culture aimed at enhancing the artistic and cultural heritage. In this context, to celebrate 40 years since its foundation, in 2023 the Bank created the International Sculpture Park, a project that today, within the 22 hectares of garden of Villa Furstenberg in Mestre, hosts 24 plastic works by 14 masters of contemporary sculpture, both Italian and international: Fernando Botero, Annie Morris, Park Eun Sun, Igor Mitoraj, Manolo Valdés, Pablo Atchugarry, Pietro Consagra, Roberto Barni, Julio Larraz, Philip Colbert, Giuseppe Penone, Jaume Plensa, Nico Vascellari and Davide Rivalta. The Park, which is structured as a Work in progress and will see the inclusion of new sculptures from the international contemporary scene every year, it is open to the public free of charge and can book their visit through the Ifis art app and already represents a international case history on the subject of corporate collection e cultural and social responsibility. Furthermore, among the most significant projects of Ifis art there is the recovery and restoration of “Migrant Child”, the work created by the artist Banksy in Venice, one of only two officially recognized works by Banksy on national soil. Also: he also purchased Palazzo San Pantalon, the building that hosts it, and which will be transformed into an exhibition space for young artists, in collaboration with national and international cultural institutions. Ifis art also includes the operation of purchasing and restoring twelve plaster busts made by Antonio Canova; sponsors the Italian Pavilion at the Architecture Biennale and the Venice Art Biennale, including emerging ones, as in the case of Donation of the work Untitled 2021 by Cristiano Pintaldi, at the State Art High School of Treviso. The initiative represents an important stage of the project Your Future You developed by the contemporary art gallery 21gallery; has entered the shareholding structure of theInstitute of the Italian Encyclopedia founded by Giovanni Treccani SpA., through the subscription of a participation quota equal to 2,4%; collaborates with the National Gallery of Modern and Contemporary Art in Rome , Brera Art Gallery in Milan;
