Deloitte appraises the Colosseum in Rome

It seems almost impossible; putting a price tag on a historic structure. Yet accounting firm Deloitte pulled out its calculators and valued the Colosseum. Examining various areas such as social value and Willingness to Pay, a bizarre amount rolled out of the calculation....

The Colosseum is the largest surviving amphitheater in the world and was built in the year 72 at the initiative of Emperor Vespasian. The structure was entirely for the games organized and financed by the ruling emperor. During the first 100-day games, in addition to many gladiator fights, the most amazing spectacles could be seen. For example, a fight between four elephants took place. 

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

In determining the value of the structure, consideration was given not only to the financial benefits that it provides, but also to the value that it has for society. For example, it looked at the so-called Willingness to Pay. The company conducted a survey to find out how important the preservation of the Colosseum is to Italians. 97 percent of those surveyed thought its existence was very important or significant. 87 percent even believe that the Colosseum represents Italy's most important cultural attraction. 70 percent of those surveyed believe that visitors and everyone in the world should contribute to the preservation of the Colosseum. 

Via the Contingent Valuation Methodwhich 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 Coliseum of €76.8 billion.

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