The Hong Kong Palace Museum is considering selling its exhibition’s naming rights to meet rising operational costs, the museum’s board chairman, Bernard Charnwut Chan, said.
“The West Kowloon Cultural District contributes to more than 40 percent of the museum’s financial support,” Chan said on a television program on Sunday. “It may be necessary to cut costs as the museum faces financial pressures in the future, but we are confident that it will not affect the rest of the West Kowloon Cultural district.”
Operational costs, including the Palace Museum’s insurance premiums costing tens of millions of dollars, are mounting, The Standard reported. However, ticket sales, priced at HK$50 for general admission, can only cover 30% of the museum’s revenue.
Chan said that while the museum may sell its exhibitions naming rights to increase its revenue, not all the venues’ names will be up for grabs.
“Since the museum is such a special place, we won’t be selling off naming rights of entire exhibition halls to external organisations, let alone the entire building — that would be impossible,” Chan said.
Chan also said that the museum is preparing for new exhibitions, and it has made arrangements with 70 museums worldwide, as well as with local collectors. It is also looking forward to signing a cooperation agreement with Taiwan’s National Palace Museum.
Expanding the Hong Kong Palace Museum’s operations remains on the table, but it must first secure additional funding, Chan said.
