Private investment in UK arts increased by about £40 million in a two-year period, with donations skewed towards organisations in London.
The UK arts and culture sector is worth £10.8 billion and contributes more to the economy than agriculture, according to a report.
The UK arts industry is now “an essential part of the British economy”, a culture boss has said.
Representation in the arts has faltered, with the low numbers of disabled people in creative careers remaining largely unchanged, an annual study indicates.
Efforts to increase diversity in the arts have stalled despite a drive for more BME representation.