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Deloitte values the Colosseum in Rome
Accountancy firm Deloitte took out its calculators and valued the Colosseum.
It seems almost impossible; putting a price tag on a historic building. Still, accounting firm Deloitte took out its calculators and appraised the Colosseum. With research in various areas such as social value and... Willingness to Pay, a bizarre amount resulted from the calculation…
The Colosseum is the largest surviving amphitheater in the world and was built in AD 72 at the initiative of Emperor Vespasian. The structure was entirely intended for the games organized and financed by the ruling emperor. During the first 100-day games, there were many gladiator fights and the most amazing spectacles. For example, a fight took place between four elephants.
The Colosseum is important for tourism and contributes €1,4 billion annually to the Italian economy. In 2019 alone, more than 7 million people from around the world visited the landmark.
The price tag
When assessing the value of the structure, not only the financial benefits it provides are taken into account, but also the value it has for society. This is how the so-called Willingness to Pay. The company conducted a survey to find out how important the preservation of the Colosseum is for Italians. 97 percent of respondents thought its existence was very important or important. In fact, 87 percent believe that the Colosseum represents Italy's top cultural attraction. 70 percent of respondents believe that visitors and everyone in the world should contribute to the preservation of the Colosseum.
Via Contingent Valuation Method, which is based on the Willingness To Pay, the existence value was estimated at € 75,7 billion. Added to this is the economic value of € 1,1 billion, which ultimately results in a social value of the Colosseum of € 76,8 billion.
