The Monument

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The value of an
Iconic Asset
INDEX
Index
Introduction
Economic contribution
Overall social value
Economic and social value of the Colosseum
Economic contribution 1.4 EUR/BN
Total economic contribution
Indirect use value 0.4 EUR/BN
Social asset value (76.8 EUR/BN)
The economic and social value
Appendix - The Monument of the Great Perspective by Giacomo Della Porta
About
Giacomo Della Porta
The Dome
The Discovery of 2021
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23
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A New National Cultural Heritage
The Metaverse Project 34
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The value of an
Iconic Asset
INTRODUCTION
The Flavian Amphitheater, known as the Colosseum
because of a colossal statue standing nearby, is
Rome's most famous landmark and one of the New
Seven Wonders of the World.
In addition, it is the largest amphitheater in the
world and the most visited monument in Italy. In
2019 alone, more than 7 million people from all over
the world visited the Colosseum.
Therefore, the Colosseum certainly represents a
source of substantial value for Italy. In this report we
examine, analyze and quantify the economic and
social value of the Colosseum.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
The main economic contribution of the Colosseum is
related to its effective use.
By effective use we mean both direct and indirect
use.
Regarding direct use value, we estimated that the
Colosseum contributes about 63.3 million euros per
year in total direct value added.
Value added measures the value of output (i.e., goods
and services) generated by the entity's factors of
production (i.e., labor and capital).
In addition, the Colosseum also produces indirect
effects through its supply chains in other sectors as a
result of business-to-business transactions and
induced effects as a result of increased householdto-business
activity.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
Considering direct, indirect and induced effects, the
Colosseum contributes 100.8 million euros of added
value to the Italian economy each year and supports
1,217 full-time equivalent jobs.
In addition to direct spending on visiting the
Colosseum, it contributes to tourism in a broader
way, attracting tourists to Rome and Italy who
otherwise would not have gone there.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
The Colosseum contributes about 1,191 euros/mln in
annual spending by visitors to Rome, generating
about 1,290 euros/mln in direct, indirect and
induced added value.
Italian residents also place considerable value on the
non-use value of the Colosseum (intangible social
value or existence value). This is manifested when an
individual is willing to pay for the Colosseum even
if he or she does not make direct use of it, does
not benefit from it even indirectly, and does not
anticipate future use for himself or herself or others.
90% residents of Italy consider the Colosseum to be
the most important Italian symbol and cultural
attraction in Italy.

The value of an
Iconic Asset
OVERALL SOCIAL VALUE
Total social value
76.8 billion
1.1 EUR/bn
Transaction Value
75.7 EUR/bn
Existence Value

The value of an
Iconic Asset
OVERALL SOCIAL VALUE
Several opportunities to increase the economic and
social value of the Colosseum. These may include, for
example, its support for Italian culture, its
educational activities, and investments in digital
technology.

The value of an
Iconic Asset
ECONOMIC AND SOCIAL VALUE
OF THE COLOSSEUM
Economic value
Amount of wealth (tangible and intangible) that
such wealth generates for society.
How is wealth generated?
Tourist attraction —> Contribute to direct
employment and also to the local economy
To people passing through and enjoying the
landscape
Housing comfort, as people derive well-being
from living near it.
Market transactions related to living comfort,
on the other hand, can be observed, albeit
indirectly, in the housing market

The value of an
Iconic Asset
ECONOMIC AND SOCIAL VALUE
OF THE COLOSSEUM
Actual use value
Visitation value and from the existence value of the
Coliseum.
Value of the visitor
Market or social value given by transaction value-the
proceeds from the sale of goods and services.
Existence value
Non-use value.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
1.4 EUR/BN
The economic contribution of the Colosseum
includes its added value as well as the tourism it
generates and from employment in the Italian
economy.
The total direct use value is mainly from the induced
tourism contribution (93%).
Value added measures the value of goods and
services produced by an entity's factors of production
(i.e., labor and capital) as reflected in the income of
those factors of production (wages and gross
operating surplus).

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
1.4 EUR/BN
The sum of the value added by all entities in the
economy = GDP
The first element of its value is therefore equal to the
direct added value generated by its operation,
management and maintenance.
The first element of the Colosseum's economic
contribution is actually given by the direct cash
flows produced by its specific exploitation
(Revenue generated mainly from admission tickets).
Indirect effects concern intermediate consumption
for the production of goods and services in the
tourism sector.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
1.4 EUR/BN
Induced effects concern employee expenditures
resulting from wages paid by companies in direct
contact with tourists.
They also include the consumption of companies that
benefited directly or indirectly from the initial
spending in the tourism sector.
The methodology for assessing indirect and induced
economic impacts generated by direct effects is
carried out in an input-output (IO) framework,
relying on the key contribution of tourism satellite
accounts (TSAs), which provide the most accurate
and reliable measure of tourism's role in an economy.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
1.4 EUR/BN
The direct cash flows produced by the operation of
the Colosseum correspond to about 75.3 million
euros in direct visitor tourism spending in 2019.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
1.4 EUR/BN
This revenue comes mainly from spending on
entrance fees paid by tourists entering the
Colosseum and on additional services related to the
visit, such as guided tours, the purchase of audio
guides, ticket presale fees, and royalties on gadgets
sold in the bookshops.
Overall, the operation of the Colosseum generates
about 63.3 million euros in added value.
Our estimate of the indirect and induced
contribution is 37.5 euros/mln of value added.
Thus, the total annual contribution is the sum of
direct, indirect and induced effects.
The operation of the Colosseum generates 100.8
euros/mln of total value added to the Italian
economy.

The value of an
Iconic Asset
ECONOMIC CONTRIBUTION
1.4 EUR/BN
The Colosseum was responsible for about EUR1,190.9
million in tourism spending in 2019.
We estimate that tourism spending attributed to the
Colosseum contributes about EUR696.9/mln of direct
value added and about EUR592.7/mln of indirect and
induced value added to the Italian economy.
Therefore, our estimate of total value added is
about EUR 1,289.6/mln.

The value of an
Iconic Asset
TOTAL ECONOMIC CONTRIBUTION
The total economic contribution of the Colosseum
includes the direct, indirect and induced effects of
tourism spending related to both direct operation
and induced tourism.
It is estimated that the Colosseum generates a total
of about 1,266 million euros in tourist spending and
1,000 million euros in induced spending and 1,390
euros/million euros of added value to the Italian
economy.
In addition, the Colosseum is estimated to support
the employment of about 42,700 people on a fulltime
equivalent (FTE) basis.

The value of an
Iconic Asset
INDIRECT USE VALUE
0.4 EUR/BN
Indirect use value is estimated in terms of living
comfort as people derive well-being from living near
it.
The hedonic price method is a surrogate market
technique focusing on markets for private goods and
services whose price can be influenced by the
cultural asset of interest. The hedonic pricing
method aims to estimate the implicit price of a set of
features by observing the actual markets in which
they are actually traded.
In order to find the demand function related to the
attribute of interest, it is first necessary to define the
market good (e.g., housing) and the attributes of the
market good (e.g., size, number of rooms, proximity
to commercial activities and recreational areas, etc.)
Our estimate of the indirect use of the Colosseum
related to living comfort is 406.1 euros/mln.

The value of an
Iconic Asset
SOCIAL ASSET VALUE
(76.8 EUR/BN)
The social asset value of the Coliseum includes
transaction value and existence value (non-use
value).
The social asset value is mainly given by the non-use
value (98%).
76.8 EUR/bn
1.1 EUR/bn
Transaction Value
75.7 EUR/bn
Existence Value

The value of an
Iconic Asset
SOCIAL ASSET VALUE
(76.8 EUR/BN)
Overall social value
=
Existence value
+
Value of visitors *
*calculated using market or social value = transaction valuethe
proceeds from the sale of goods and services.

The value of an
Iconic Asset
SOCIAL ASSET VALUE
(76.8 EUR/BN)
76.8 EUR/bn
1.1 EUR/bn
Transaction Value
75.7 EUR/bn
Existence Value
Every year, more than 7 million
people from all over the world
visit the Colosseum.
These people pay an average of
10.2 euros for their visit. The
total transaction value for the
Colosseum is about 75.3
euros/million.
People may evaluate the
Colosseum as "iconic" or
"symbolic," or they may
evaluate the Colosseum's
contribution to culture and
learning.

The value of an
Iconic Asset
SOCIAL ASSET VALUE
(76.8 EUR/BN)
Total social asset value
The Colosseum has a total social asset value with a
100-year NPV5 of 76.8 euros/billion.
Table 10 provides a detailed summary of the
estimated annual and asset values of the Colosseum's
total social asset value.

The value of an
Iconic Asset
THE ECONOMIC AND SOCIAL VALUE
Direct use of the Colosseum generates a total of
1,390.5 million euros per year in value added to the
Italian economy.
The indirect use value of the Colosseum, in terms of
living comfort for residents, is 406 euros/mln.
The total social asset value of the Colosseum,
including transaction and existence value, is 76.8
euro/mln.
About 98 percent of the value of the Colosseum's
social asset is existence value, also known as cultural
or iconic value (75.2 euros/mln).

Appendix
The Monument of the
Great Perspective by
Giacomo Della Porta

The Monument of the
Great Perspective by
Giacomo Della Porta
ABOUT
Palazzetto Inside Palazzo Albertoni Spinola is both
an architectural Monument with magnificent views
and amenities.
The building was constructed by the geniuses of the
Italian Renaissance Giacomo Della Porta (1532-
1602) who has previously worked on St. Peter’s
Basilica as well as Girolamo Rainaldi (1570-1655) who
successfully completed several of Michelangelo’s
projects.
Located in the center of Rome, which was declared a
World Heritage site by the Unesco, the compound is
protected by the Italian Government.

The Monument of the
Great Perspective by
Giacomo Della Porta
A NEW NATIONAL CULTURAL
HERITAGE
The Perspective of Palazzetto Inside Palazzo
Albertoni Spinola is an architectural masterpiece
the result of Renaissance master and architect
Giacomo Della Porta, which became part of the
Italian Cultural Heritage in May 16, 2022.

The Monument of the
Great Perspective by
Giacomo Della Porta
A NEW NATIONAL CULTURAL
HERITAGE
Indeed, the Great Perspective has just became a
National treasure, an official National Cultural
Heritage by the Italian government, on the same
level as other cultural masterpieces such as the
Galleria Spada made by one of the greatest architect
in the history, Francesco Borromini.

The Monument of the
Great Perspective by
Giacomo Della Porta
GIACOMO DELLA PORTA
All the greatest historians and biographers talk about
the construction of the Palace. In particular Giovanni
Baglione mentions it in his most famous work Le
Vite dei pittori, scultori, et architetti.
Giacomo Della Porta was one of the most important
architects of the Renaissance. Mistakenly, for a long
time, he was considered exclusively the "master of
fountains", given the large number of projects he
carried out in this field during his career.
Giacomo Della Porta

The Monument of the
Great Perspective by
Giacomo Della Porta
GIACOMO DELLA PORTA
However, it would be reductive to relegate Giacomo
Della Porta exclusively to this task. The Lombard
architect was much more than that: he was a pupil
of the greatest artist of all time Michelangelo
Buonarroti.
Working in close contact with Michelangelo, Della
Porta made his own all the wisdom of the Master, day
after day, pouring and paying homage to
Michelangelo's genius in his architectural projects,
especially in Palazzo Albertoni Spinola.

The Monument of the
Great Perspective by
Giacomo Della Porta
THE DOME
As papal architect he was in charge of the Fabbrica
della Sapienza and from 1573 of the masterpiece of
the creative spirit of man and at the same time the
symbol of the Church of Rome: the St. Peter’s
Dome.
The Dome of St. Peter

The Monument of the
Great Perspective by
Giacomo Della Porta
THE DOME
Based on what is historically known, Della Porta
developed the rest of the unfinished structure after
Michelangelo's death in 1564. He was also in charge
of redesigning the overall project, because the
original version would have most likely collapsed
under the excessive weight of the Dome.
Della Porta and the architect Fontana not only made
a significant modification to the curvature of the
Dome with respect to the presumed project of
Buonarroti, making it closer to the model of
Brunelleschi, but they inserted a series of chains in
the stonework to contain the transversal thrusts
exerted by the vault and used high quality materials,
hinging the travertine slabs with molten lead.

The Monument of the
Great Perspective by
Giacomo Della Porta
THE DISCOVERY OF 2021
On May 22, during a guided tour of St. Peter's
Basilica, the architect Alex Rosman paused to reflect
on the role and figure of Giacomo Della Porta as
Michelangelo Buonarroti's successor in the
completion of the famous Cupola, which provided
suggestion that the construction of Piazza Campitelli
could be so complex that it could "hide" urban
planning and architectural techniques worthy of
deeper analysis.
The Great Perspective

The Monument of the
Great Perspective by
Giacomo Della Porta
THE DISCOVERY OF 2021
But immediately the next day, admiring the view
from the front door of the rear building, the
Palazzetto, Alex realized that the door of the large
building framed the door of the church of Santa
Maria in Campitelli perfectly to the millimeter.
The perspective, through the androne, the entrance
gallery and the door of the body of the great
building, is perfect, while from the latter, the front
view falls on the left side of the church itself, and not
on the entrance.
Plan of the Palace with the axes of the views highlighted among the
building elements consisting of the palace on Campitelli Square, the
church of S. Maria Campitelli, and the small palace on Capizucchi Alley

The Monument of the
Great Perspective by
Giacomo Della Porta
THE DISCOVERY OF 2021
Then, he was succeeded by Girolamo Rainaldi, who
had long collaborated with him. Rainaldi was
responsible for aligning the facade of the building
(completed around 1616) with the plan of the square.
Meanwhile, the house of Blessed Ludovica was
converted into a small church. The building was then
rebuilt and enlarged on September 29, 1600, on the
commission of Pope Alexander VII.
The work was entrusted to Carlo Rainaldi, Girolamo's
son, who, knowing full well the intention of the two
masters, built the great portal exactly where the
portal to the house of the Blessed was located, with
millimeter precision.

The Monument of the
Great Perspective by
Giacomo Della Porta
THE METAVERSE PROJECT
What's more, Palazzo Albertoni Spinola and
Giacomo Della Porta's Perspective monument will
also be replicated in the metaverse, in the Spatial
Web3 platform metaverse through Exclusible
This is an absolutely innovative operation, never done
before, where a cultural asset, a private monument
will become navigable via mobile, PC and VR.
However, the goal is not just to recreate not only the
environments of the brick work but also the
masterpiece of Giacomo Della Porta's perspective in
all its magic.

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