The New Philanthropy: Its Impact on Funding Arts and Culture

Published by: The Journal of Arts Management, Law and Society. June 2002, USA. 19 pages.

Author: Nina Kressner Cobb

In this article Cobb investigates the new dimensions in charitable giving over the last decade—especially the rise of venture philanthropy—from the vantage point of arts and culture. Venture philanthropy has by-passed the arts, but its rhetoric, principles, and priorities present challenges for arts and cultural institutions. Although venture philanthropy is neither as innovative nor as revolutionary as its proponents have claimed, some influential funders now look at philanthropic giving through a different lens and with a changed set of priorities. At the very least, arts and culture organisations need to be aware of these priorities and approaches to funding when formulating their own fundraising strategies.