Fad, fetish or fixture: contingent valuation of performing and visual arts festivals in Singapore

This paper analyses how much culture is valued in a newly-developed economy with a distinct dichotomy of an arts-appreciating population segment and a less-culturally aware mass. An analytical framework weaving together the intrinsic, business and societal benefits of arts and culture is applied to explore whether arts festivals - a popular tourism event in many countries - are a temporary fad, an expensive governmental fetish or a naturally-evolving fixture. This has implications for government funding and cultural policy. Empirical evidence supports the notion that the long-running performing arts festival is a not a fad but a fixture with some fetish elements while the visual arts festival appears to be a fad but has the potential to be a fixture. Of particular concern, however, is the evidence from both festivals that the perceptions of community benefit, business benefits as well as bequest value from the arts are not significant determinants of willingness to pay for these events.