There is a predicament to "wow-factor" cultural capital projects: they tend to be extremely difficult to get right and can be very costly to get wrong. Spain is a prolific example of this - the success of Guggenheim Museum Bilbao glaringly contrasts with "white elephants" such as the uncompleted Ciudad de Cultura in Santiago de Compostela.   

In today's Fortune article on the resurgence of cultural infrastructure in Spain, AEA Director Adrian Ellis shares his views on the underlying economics of cultural facilities. Adrian points out why careful estimation of long-term operating costs is fundamental to achieving financial sustainability and ought to be considered throughout the concept, planning and execution phase. 

Read the full article here.