Aboriginal and Torres Strait Islander corporations at the heart of art
The Office of the Registrar of Indigenous Corporations (ORIC) has issued a report At the Heart of Art which is a snapshot of Aboriginal and Torres Strait Islander corporations in the visual arts sector.
It found in summary:
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Corporations generating the highest average revenue from art sales are located in South Australia, Western Australia and the Northern Territory.
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Although the visual arts sector experienced a rapid growth over the past three decades, there has been a noticeable downturn since 2007 as evidenced by the following:
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52.1 per cent reduction in average art sales revenue generated per corporation
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31.2 per cent reduction in average total assets owned by corporations
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35.0 per cent reduction in average total equity per corporation.
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The global financial crisis (GFC) has had a major impact on the visual arts sector.
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The average number of people employed by corporations operating exclusively in visual arts has steadily risen—from 1.83 full-time equivalents (FTE) in 2007–08 to 4.5 FTE in 2010–11.
Common characteristics of corporations involved in visual arts are:
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membership of one or more peak industry body
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registered for tax concessions and/or exemptions
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adapted their rule book to reflect the specialised nature of their activities
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most directors are women
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they operate an ‘open door’ policy—any community member is welcome to participate in art activities