The behavior of art museums is studied by applying economic thinking to culture. Art museums keep a substantial share of their holdings in storage rooms and act in a little enterprising way. It is analyzed why the stock rarely or never displayed is not sold and the proceeds used to buy more suitable paintings, or for restoration, extending showroom capacity and visiting hours, or improving fire and security precautions. It is suggested that giving museum directorates the necessary incentives and independence to employ the resources at their disposition more freely would greatly improve the situation.
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Bruno S. Frey (1994) studied this question.