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The Asset ObserverThe Asset Observer
Home»Art Market
Art Market

French Government Slashes Arts Funding

News RoomBy News RoomFebruary 8, 2025
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France’s policy of l’exception culturelle—which has long protected its arts sector from market forces—is buckling under the weight of austerity. According to The Art Newspaper, the Académie des beaux-arts has sounded the alarm, condemning the “violence” of the latest budget cuts, which will see the culture ministry lose €150m in funding.

Prime Minister François Bayrou, battling to contain the country’s budget deficit, has approved sweeping reductions to public spending, with museums, cultural institutions, and heritage sites among the hardest hit. The damage is compounded by local councils, which have been stripped of €2.2 billion in state subsidies, and are slashing their own arts funding—some by as much as 70%.

The consequences are already being felt. Cultural programs have reportedly been frozen without notice, regional theaters and festivals face closure, and some 1,500 job losses are anticipated. Meanwhile, 40,000 cultural workers are calling for a national protest against the devastating impact.

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