Museums are in the pink while corporate sponsors remain shy

By embracing private philanthropy, the sector has received record sums, however businesses are feeling burnt by protests, write Nicole Fan and Stephen Armstrong

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The British Museum Ball was most expressly meant to be pink. Pink-clad glitterati strutted down a pink carpet.

Pink champagne flowed at the bar. "Pink Pony Club" apparently featured in a DJ set.

The attention-grabbing theme of the event spoke volumes. This was not a usual fundraiser, but a masterful tableau of museum philanthropy in the UK today, attended by celebrities including Mick Jagger, Tracey Emin and Naomi Campbell, as well a number of well-known financiers. Private money has never been more scrutinised for its funding of the arts, but neither has it ever been more sought after.

Lately, record-breaking donations have been hitting the headlines. In quick, superlative-laden succession: the British Museum received its most valuable object gift ever, the National Gallery landed the largest cash donations in museum history, while the London Museum, Courtauld Gallery and Science Museum received some of their biggest gifts to date. Last year, charitable giving to major museums and galleries jumped by 72% to over £317m. This year may surpass that.