The value of culture

Culture manifests itself in everything human, including the ordinary business of everyday life. Culturally-determined values influence negotiations in the marketplace, and conflicting values and unshared codes may thwart the development of local or international markets. But economic values also constrain art and culture. Resources are limited, both for artists and for cultural institutions. Even ‘priceless art’ has its price. Arts sponsorship and subsidies suggest a value that exceeds market price. So what is the real value of culture?