British artist Banksy's latest exhibition Dismaland has generated £20 million ($30.3 million) for local businesses and traders in Weston-super-Mare, according to tourism company Visit Somerset.
In a press release sent out on Friday, the company said that the financial impact of the Banksy exhibition was triple what was first expected. The organisation's chief executive John Turner, said that the show will see around £20 million worth of an extra investment in the area, located on England's west coast. Initial predictions had suggested that the park, which opened on August 20, would provide a £7 million ($10.6 million) boost to the local economy. The exhibition closes on Sunday.
The sinister art show was built on a 2.5-acre seafront site that had been shut since 2000. It features a controversial piece depicting Cinderella in a crashed carriage surrounded by paparazzi, which appears to reference Prince Diana's fatal car crash, as well as a remote controlled boat filled with miniature migrant figures. Over the past five weeks, 150,000 people have visited the theme park, with 4,000 tickets available online every day, and a further 500 held back for people who queue.
Turner said, "This has been a global phenomenon of major importance for the region, as we have seen a large international surge in what is a predominately a solid and reliable domestic market.
"The majority of businesses have been reporting up to 50 percent increases on last year and as this event overlapped in the most crucial time in the holiday calendar, could well see a further £20,000,000 coming back into the local and regional economy."
The number of guests staying at local hotels and B&Bs increased by 50 percent. Hotel owner Keith Fearn, who is chairman of the Weston Hotel & Restaurant Association said, "September sees normally a drop in figures as autumn weather approaches and children back to school. The Banksy effect has brought into the town a worldwide audience which I never experienced even with the tragic pier fire which also gave full media presence."
Fearn also highlighted that visitors to the exhibition had come from all over the world, including from the U.S., Mexico, Hong Kong, China, and Korea.
Train journeys from London to Weston-super-Mare have doubled since the exhibition begun.
Alongside original work from Banksy, the show also featured pieces from YBA artist Damien Hirst, conceptual artists Jenny Holzer and Barry Reigate, and sculpture Jessica Harrison.
Earlier this month, artists affiliated with the Dismaland theme park replaced over 300 paid-for advertising with anti-arms trade posters across London's Underground transport system and at bus stops.
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