HK Palace Museum considers selling exhibition naming rights amid financial pressures

The Hong Kong Palace Museum will consider selling its exhibitions naming rights in order to mitigate financial pressures in the long run, said museum board chairman Bernard Charnwut Chan on a television program Sunday.

The Palace Museum’s insurance premium alone costs tens of millions due to high operational costs, but ticket sales, at HK$50 for general admission, can only cover 30 percent of the museum’s revenue.

"The West Kowloon Cultural District contributes to more than 40 percent of the museum’s financial support," Chan said. “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.”

Chan clarified that while the museum may sell its exhibitions naming rights to increase its revenue, not all the venues’ naming rights will be available for purchase.

“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 added that preparations for future exhibitions are underway, and that arrangements have been made with 70 museums worldwide as well as with local collectors. He also said that the museum hopes to cooperate with Taiwan’s National Palace Museum.

The operations of the museum may expand in the future if it proves to be a success, but further funding must be secured, Chan added.