Art Exhibition Budgeting

The assignment requires creating a budget for an exhibition hall with 12 artworks, including costs for transportation, framing, insurance, taxes, customs, and other expenses. The total budget should be £15 million over three years, with a margin of error of ±10%. The first Excel sheet will cover direct costs, including the market value of each artwork, while the second sheet will cover indirect costs, such as annual maintenance, labor and staff costs for the café, and insurance premiums. The budget must also include a text explanation (1500 words max.) justifying the expenses, citing sources and providing rationale for estimates.

My budget for the exhibition is 15 million pounds. The exhibition has 12 artworks
and must be maintained for 3 years, market price:
 1. HKD 2,240,000
2 HKD 1,625,000 104×106cm
3 HKD 150,000 44.7×34.2cm
4 HKD 4,880,000 132×40.5cm
5 HKD 437,500 66.2×67.5cm
6 RMB 8,855,000 127.5×55cm
7 HKD 4,240,000 87×181cm
8 RMB 3,680,000 30×21cm
9. RMB 288,000 100×200cm
10 RMB 3,220,000
 11. RMB 59,570,000
 12 HKD 8,260,000
assume all this artworks are in mainland china and Hong Kong(depend on the currency). in
the first excel I need all cost to bring them to London. All cost that can trace to the individual
artwork directly must be included this sheet. Firstly, convert all market into pounds. And add
all import export tax, VAT(pls do more research here) in England, DHL express etc. for
framing, only artwork no. 2 3 4 5 6 7 8 9 need framing. The size in provided please try to
research for the price. And work out the total amount of all the artworks. Also insurance for
transportation
more information regarding what to include in each excel 1:
The budget (capital provided by your benefactor) must cover the following costs,
which should be computed and reported using Excel:
 Total market value of works of art; excel 1
 Associated expenses (e.g., insurance, shipping, framing, installation, taxes, customs,
repairs, art consultant fees); excel 1
 For transportation costs, excel 1
Item Price(original
currency)
Price in pound VAT… IMPORT
tax..dhl…
framing..
1 HKD
2,240,000

For the second excel it is all the indirect cost associate with the exhibition. You can
present in the way you think is appropriate. The insurance in included in this section.
Annual Maintenance Budget (including insurance, climate control, conservation, etc.)
for the duration of three years.
There are a café inside the hall. I need to hire 5 labors for the café and 3 staff for the
exhibition. Other combination is also acceptable as long as reasonable. If money is
not enough just make it less
 Insurance costs should be based on the following premium scales excel 2
0.25% of total value for a collection up to GBP 5,000,000;
0.15% from GBP 5m to GBP 10m;
0.1% or slightly lower in excess of this amount.’ This is assuming 2 dimensional art
of conventional size.’
Therefore, assuming 2D works:
1.5m - premium GBP 2,500 Those figures assume static only cover (ie no transits)
and are exclusive of insurance premium tax at 10%.’(10% of the insurance)
Include all other cost you think is necessary in the period of three years

so my exhibition hall is like this. It is 375 square meters. No need to worry about
place just try to estimate the total cost for light(10 droplight in café and 6 in the hall),
decoration(few vase and plant), display board(12) and 2 display case (6 meters),
furniture in the café(10 double sofa and 12 single one, 5 rectangular tables and 4
round tables, 1 bar, counter, 2 cases for display food, tableware, 2 coffee machine) .
The cost of coffee and food can be covered by its revenue; u can explain this in text.
Also I plan to host seminar and talks in the café sometimes. Several times per year
should be enough. Pls also add it in budget if we still have money. If no enough
money to do this, just tell me and no need to include.
The total number of the excel 1 and excel 2 (3 years) should be 15 million
pounds! within parameters of +/- 10%.
should also include a text (1500 words max.) explaining the rationale of your
expenses. It is also important to note the sources of any rates quoted and explain why
they were chosen.

I know some price is not easy to estimate, I don’t expect everything to be perfect, just
research and estimate it in a reasonable way and show some source and rationale to
dress up the paper. Make everything looks professional and complete is more
important than how much research u actually do to make it accurate. For the excel,
make everything included and looks professional. Balance the cost. Harvard style, if
needed.