Poets and patronage and hedge funds, oh my!

As we told you earlier this week (here and here), poets Alice Oswald and John Kinsella have withdrawn their collections from consideration for the T.S. Eliot prize, in protest of the fact that the award is funded by an investment firm called Aurum.

The Economist now weighs in on the issue in a recent piece that explores the long and, sure, sometimes uncomfortable history of arts patronage. The article begins with a survey of the contemporary landscape of literary prize funding, pointing to other awards that are largely backed by companies and corporations. These include: the Man Booker prize (sponsored by the Man group), the Orange prize (sponsored by the mobile phone company), the Costa prize (funded by a food and drink company). "They're all big corporations," The Economist writes, "They also put a lot of money into the arts. Is that really a bad thing?"

Then comes the history:

The history of patronage is as long as the history of art. Most monumental architecture before the 20th century was commissioned by monarchs or the wealthy. Michelangelo actually lived with his benefactor, Lorenzo de Medici, a member of a famous banking family. Many patrons have been even more intrusive. In the 16th century Pope Julius II was renowned for commissioning works with his image at the centre. In 1668, Charles II appointed John Dryden to spin his verse for the Restoration years--the job of poet laureate, with the specific task of writing verse about the monarch, was born.

So what's a responsible poet to do? According to The Economist -- and let's not forget this is THE ECONOMIST -- they should at least have a better grasp on what exactly they're rallying against:

If there is a specific grievance against a particular company, donor or backer, then refusing to take their money makes sense. But I haven’t heard any such complaint in the case of the TS Eliot award. There just seems to be a generalised dislike of the idea of money and art rubbing together. These are tough times and government arts funding is falling. The poets should watch out, or they may soon have only their own words to eat.

Read the whole article here.