I have mentioned a number of time that the Bureau of Economic Analysis has been working on including intangible assets in the System on National Accounts (i.e. the GDP numbers) (see “Toward Better Measurement of Innovation and Intangibles”). One of those efforts is to look at the value of artistic originals. Rachel Soloveichik has been doing ground breaking work on this –see her paper “Artistic Originals As Capital Assets”. Her findings:
The $51.6 billion in current-dollar investment in artistic originals in 2007 breaks down by category as follows: $14.0 billion in theatrical movies, $7.5 billion in original songs and recordings, $5.5 billion in original books, $21.9 billion in long-lived television programs, and $2.6 billion in miscellaneous artwork.
Now, Peter Goodridge and Jonathan Haskel have put up a first draft of their analysis “Film, Television & Radio, Books, Music and Art: UK Investment in Artistic Originals”. There conclusion is that investment was £3.5 billion in 2009.
All of this reinforces the point made in at our conference on New Building Block for Jobs and Economic Growth: we are making good progress in macro economic measure of intangibles. Now we have to build on that progress to infuse an understanding and utilization of intangibles into both company strategy and public policy.
For more on the conference, see our New Building Blocks Forum.
(Thanks to IP Finance for a heads up on the new UK study).