Club Eco Monaco: Culture as a Driver of Economic Development and Attractiveness

On Thursday 6 February at MonacoTech premises, a new Club Eco Monaco conference organised by the Monaco Economic Board (MEB) and Groupe Nice-Matin examined culture's contribution to Monaco's economy. Five industry players reflecting the diversity of cultural offerings, along with Government Advisor-Minister Lionel Beffre, highlighted various aspects of this positive impact.         

The conference was introduced by MEB Executive Director Guillaume Rose, who is well-versed in this sector through his elected position at the National Council as President of the Culture and Heritage Commission. Discussions were then moderated by Denis Carreaux, Editorial Director of Groupe Nice-Matin.

Lionel Beffre, Government Advisor-Minister of Interior, also responsible for culture, emphasized Monaco's exceptional commitment to culture, allocating 4.65% of its budget, compared to France's approximately 1.5%. "Through this effort, Monaco offers great diversity in its cultural offerings, enabling it to shine from an economic perspective." A varied programme is offered throughout the year. The Government is also focused on investing in the future to maintain this high standard, with 40% of the culture budget allocated to investment.

Bruno Mantovani, Artistic Director of Festival Printemps des Arts Monte-Carlo, defended Monaco's cultural vision that enables events like this festival to exist, "an object not necessarily unifying that can be disruptive," thanks to an approach to culture "that aims to encourage innovation and elevation."

This view was shared by Guillaume de Sardes, Head of Development at Nouveau Musée National de Monaco (NMNM), an institution alternating between mainstream and more specialized exhibitions. Regardless of type, exhibition production sustains an entire ecosystem of service providers and artisans, "we are committed to prioritising Monaco-based companies." Moreover, "the presence of a museum like NMNM clearly sends a message to a population likely to be attracted to Monaco as a place of residence, sensitive to this demand for quality."

From a more direct art market perspective, Opera Gallery's Director explained why the group, founded in 1994 in Singapore with 14 exhibition spaces, chose to establish presence in the Principality since 2008. "There are art enthusiasts among residents with very high-quality collections, and we must meet this demand; that's why we're here. Additionally, we created the Monaco Master Show featuring works by great masters, an event that only takes place in Monaco."

Still on the market front, auction house Artcurial, established in Monaco since 2015 but organizing events since 2006, primarily in luxury. Its Director Olga de Marzio noted that each sale corresponds to VAT payment and highlighted the fruitful collaborations possible in the Principality, such as Monaco Art Week, which brings together fifteen galleries and auction houses, or the sculpture sale she regularly organizes with Monte-Carlo SBM, which pre-exhibits works in iconic Monaco locations.

The essential cultural venue for all in Monaco is obviously the Grimaldi Forum, which organizes an exceptional quality exhibition each year that draws crowds. It's also a place of synergy hosting all major institutions such as Ballets de Monte-Carlo, the Philharmonic Orchestra, and the Opera. "In total, we organize 40 cultural events annually attracting between 120,000 and 150,000 visitors," states Catherine Alestchenkoff, Director of Evénements Culturels. "This naturally benefits Monaco's economy; based on Tourism and Congress Department figures, we estimate the Grimaldi Forum's cultural visitors generate approximately €10 million annually for Monaco."

In conclusion, the various speakers discussed numerous upcoming projects that will contribute to Monaco's continued cultural influence, such as the expansion of Villa Sauber at NMNM. All highlighted the unwavering support for culture from the princely family, particularly the momentum given by H.R.H. the Princess of Hanover.