The Economics of Museums

Abstract

Museums fulfill many important functions in the art world and visits to museums are becoming an important leisure and holiday activity. This chapter surveys research about the functioning of museums from an economic point of view. Museum services are shaped by demand and supply factors and by the institutional setting constraining the decision makers in a museum. This chapter argues that the institutional factors, e.g., whether a museum is private or public, influence greatly how the museum is run with respect to the management of the collection, price setting, or the focus on commercial activities. Two current trends, the evolution of superstar museums and the growing importance of special exhibitions, are analysed from an economic point of view.

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