<p>Many people across all cultures participate in the arts as producers and/or consumers. That choice implies that arts participation is viewed by those involved as having a positive impact on their wellbeing. Furthermore, since arts employees are often poorly paid and arts consumption often involves a monetary outlay, revealed preference implies that these wellbeing benefits at least compensate for the monetary losses. We provide a concise summary of existing literature on how each of arts consumption and arts production impacts the wellbeing of those involved. On the consumption side, we survey the relationship of subjective wellbeing with active and passive arts participation. On the production side, we outline findings regarding pay gaps that employees may face by choosing to be employed in the arts and summarise the small but growing literature on the subjective wellbeing of arts employees. We add to existing knowledge through analysis of wellbeing impacts of arts participation and arts work using official New Zealand data. The paper finishes with reflections on the role of the arts for societal wellbeing.</p>