It would be easy to miss Emma Hart’s artwork for the Folkestone Triennial.

Her piece Giving It All That is tucked away on the floors above a former frame-maker on Tontine Street.

The reason for the difficulty, however, is not its obscure location but the fact there is so much to do in so many Folkestone shops these days.

“The first two Triennials made extensive use of empty shops,” said Lewis Biggs, curator of this year’s festival, which runs until November 2.

“This time we have managed to find three empty shops to put art in and the Fringe event has given up looking. They are having to make space themselves in ship containers on the seafront.

“That must be evidence that the Folkestone economy has changed. I can’t say it is a direct result of the Triennial. The event is one part of a large programme the Creative Foundation is doing.

“But it is important on a symbolic level and that is how art works.”

The Creative Foundation – the body set up by philanthropist Sir Roger De Hann in 2002, which organises the event – has not commissioned any research into the economic impact of the festival, which takes place every three years.

However, a survey by Canterbury Christ Church University of more than 800 people after the last Triennial found 41% of people had visited it at least once. Of those, 35% visited at least three or more times.

Well over 90% of the respondents felt the Triennial has made Folkestone a more interesting place to live in, work in or visit – while 77.6% believed it brings valuable business to the town.

“The point of the Triennial is to make a show of great art by the seaside,” said Mr Biggs, reluctant to proclaim the event as some kind of saviour of the seaside town, which has suffered a steady decline since its heyday as a Victorian seaside resort.

“The point of the Creative Foundation is to release different programmes of culture in Folkestone with the aim of attracting creative people to live in the town.

“If they live in Folkestone that changes the economy of Folkestone.

“But that is not why we do the event. It is about what happens in people’s minds and how they think about the town.

“It is about Folkestone’s cultural status rather than how many pounds it puts in people’s pockets.”

Nevertheless the pounds are coming in. Three-quarters (76%) of Triennial visitors came from Kent but the remaining quarter came from 59 other counties across the UK as well as several international destinations.

The town was put in the national spotlight when German artist Michael Sailstorfer buried 30 pieces of gold, worth a total of £10,000, in the Outer Harbour on the first day of this year’s festival.

This is without taking into account the reputation the two previous Triennials had established. They attracted world famous artists like Tracey Emin, Mark Wallinger and Cornelia Parker to a town previously famous for its Leas Lift and the Channel Tunnel. The star name of this year’s event is Yoko Ono.

While visitor figures for the free festival are a long way from being counted, the early signs look good.

Mr Biggs believes his favourite artwork at the Triennial has an economic message for Folkestone.

Vigil by Alex Hartley sees volunteers sitting on top of the Grand Burstin Hotel throughout the day, watching over the town from an inaccessible vantage point.

Mr Biggs said: “The business of withdrawing yourself from society, as hermits did in order to be able to see more clearly, is so much needed today and a reaction to the recession.

"Step back and have a look. Try to look forward to what will happen next.

“Folkestone reflects that. The more the UK looks back to remake the economy as it was before, the more it will fail.

“Folkestone also has to give up on that. It will not be a port again and it won’t take ferries.

"It has to remake itself and Alex’s artwork is a great message for all the UK.”