Business: Money at the Museum

Did you know that the average visitor to an art museum spends $8, but for each visitor, the museum must invest $53? The preservation of art is something that very important to many Americans, but it can be expensive to uphold. In 2008 when the financial crisis hit the US, art museums were strongly affected by the recession. However, now that the economy is recovering, there have been renewed efforts to preserve the art museums across the nation. For example, a multi-million dollar plan for the redevelopment of the Museum of Fine Arts in Houston, Texas is being supported by wealthy oil owners in Texas. The recent drop in oil prices has made Houston’s oil revenue dependent economy vulnerable. The renovations to the museum are predicted to bring in $334 million in economic activity over the next 20 years. Individual philanthropy is the largest source of support for US art museums and over the past year, donations have increased by 8 percent according to BBC News. Look’s like the future is painted bright for both the artists and the art lovers.

Contributor: Ashni Nadgauda

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