The chapter first defines arts and cultural sponsorship and provides a classification according to different cultural sectors. A structured understanding of the various forms of arts and cultural sponsorship is conveyed by explaining the characteristics of cultural collaborations and illustrating them with examples. In addition, the three most important actors in the process of arts and cultural sponsorship are introduced: corporate sponsors, cultural institutions, and the media. Furthermore, in the process of arts and cultural sponsorship, it is important to distinguish between the perspectives of the sponsor and the sponsored, since sponsorship represents an instrument of marketing or communication for the corporate sponsor, while from the perspective of the sponsored it is a tool for resource acquisition as well as a measure of arts marketing. Both perspectives are presented and explored in greater depth in the following sections. The practical application of arts and cultural sponsorship is also illustrated through a case study of BMW’s cultural engagement.