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Enoch Yiu

Despite the European sovereign debt crisis and US economic downturn, the Hong Kong Arts Festival organiser is still optimistic of receiving sufficient corporate sponsorship to support the HK$110 million event.
'Our corporate sponsors are big companies and they can cope with the stock market turmoil,' said Charles Lee Yeh-kwong, chairman of the Hong Kong Arts Festival Society.
The annual event, which celebrates its 40th anniversary  next year, has a HK$110 million budget for 166 shows ranging from operas and ballets to concerts  and plays to be held in February and March next year.
It needs to raise HK$20 million from corporate sponsors and individuals and sell 150,000 tickets to get an additional HK$40 million.
The rest comes from a HK$33.2  million government subsidiary and HK$17.5  million donation from the Hong Kong Jockey Club. The club has been a key sponsor of the event since its establishment. 
Lee admitted the economic situation will have some impact on sponsorship, noting funds committed in 2008 were lower as a result of the global financial crisis. Sponsorship bounced back in 2009.
Lee has yet to start calling for sponsors, but it may not be an easy task as many investment banks, brokers and insurance companies are reeling  from the market turmoil. The Hang Seng Index has dropped more than 25 per cent this year. 
Some key sponsors of festival events, such as HSBC and Credit Suisse, have already announced plans to lay off workers to cut costs. However, Lee said these firms would continue to be sponsors.
 'The money involved in corporate sponsorships of arts events is relatively small,' Lee said. 'Cutting sponsorship fees would not help these companies save much money.'
Alison Ho, head of corporate responsibility for Hang Seng Bank, said the lender still planned to support the event.
'We will continue to sponsor the student ticket scheme of the 2012 Hong Kong Arts Festival,' Ho said. 'Our commitment remains unchanged.'
 A spokeswoman for the Bank of East Asia  said the lender would also continue to its commitment to back the arts festival  by again underwriting  its finale programme - just like it did  last year.
Lee is also not concerned the market turmoil will affect ticket sales as past records show increasing patronage during previous financial crises
Tickets sales early this year totalled HK$43 million, up 30 per cent from the HK$33 million in 2010.
Sales in 2009, when the markets still suffered from the financial crisis, stood at HK$35 million, which was in fact higher than the 2010 sales. The show next year will have 150,000 seats, including 136,971 tickets for sale and the rest free for students.
The government subsidiary means each ticket can be sold for  HK$200 less.
'This is value for money as the government has the duty to promote art and cultural activities,'' Lee said. 
Lee, a lawyer, accountant and  former chairman of Hong Kong Exchanges and Clearing, believes the government's duty to promote the arts and cultural events are important to enhance the competitiveness of Hong Kong as an international financial centre.
'The best financial talent wants  to live in markets where they can enjoy a high-quality cultural life,' Lee said. 'Look at New York and London, they are both international financial markets and they are both having high-class shows, plays and musical events.'
Statistics show 8 per cent, or more than 10,000 people, who had tickets to the Hong Kong Arts Festival last year were non-Hong Kong residents.
'For Hong Kong to compete with both London and New York, we cannot only rely on an active stock market trading but we also need to uplift our cultural living standards,' Lee said. 'Many of our performing venues are too small while the facilities are outdated.''  
Despite Lee's strong market ties, he said there was no chance of commercialising  the Arts Festival Society, say by making it a listed company.
'If we turn the art event into a profit-making body, we may need to charge too high of a ticket price  for a mass audience to afford,' he said. 'The current model is right, as it allow the government, the corporations and audience to pay.'




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