Almost nine in 10 gallery leaders are concerned about their organisation’s future due to the cost-of-living crisis, according to new research by Ecclesiastical.
The heritage insurer’s study surveyed 100 decision makers working in art galleries and found 86% are concerned about their organisation’s future.
More than three-quarters (77%) said they need to drastically cut costs to survive, with 80% saying they will need to prioritise innovation.
In response to the cost-of-living crisis, almost half of respondents (49%) said they are making staff redundancies, 48% said they are reducing opening hours and 45% are seeking new suppliers.
Nearly half (44%) said their gallery will be opening on fewer days, while 43% said they will have to limit the rooms that are open and heated.
Customer Segment Director at Ecclesiastical Insurance Faith Kitchen said the arts sector is facing “unprecedented economic uncertainty”.
“Art galleries are having to face huge challenges, and many are looking at ways they can cut costs while still maintaining visitor numbers. Our research shows art galleries are having to make difficult decisions including making staff redundancies and reducing opening hours to reduce costs.”