Economist Robert Ekelund looks at the impact the contemporary art market boom has had on museum collecting and exhibitions, as a scarcity of works and high prices have put increased pressure on institutions, particularly as museums struggle to keep up with visitors’ changing tastes.  “The economic point here is that if a museum like the Met isn’t able to keep up as its customers’ tastes change, revenue will likely fall,” he writes.  “And by the time it might recognize this, it’s already too late to do much about it because the costs to acquire the in-demand art is sky-high.”

 Read more at The Conversation

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