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In the three years after opening in 1997, the museum generated €100m in taxes, enough to cover its building costs.
Studies show that in its first five years the museum generated more than $1 billion for the Basque region — more than 10 times the cost of the museum's construction — and over $190 million in local tax revenue.
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(Last year 387,000 people visited the museum, generating $33 million in tourism dollars, a museum board member told the State Journal-Register).
— How much trash does a museum generate?
According to the director, Antonio Paolucci, the museums generate around €80m ($87m) from ticket revenue each year and another €20m from merchandising and corporate hospitality.
Mr. Broad had considered at least two other sites for the museum, sparking a kind of civic competition last year among city officials for the tourism the museum would generate.
He said the museum could generate enough buzz to overcome those obstacles.
This fall, with the exception of the giant de Kooning retrospective at the Museum of Modern Art — an exhibition that was six years in the making — and "Picasso's Drawings, 1890-1921: ReinvenTraditionition," at the Frick Collection, there are few museum exhibitions generating the same kind of excitement.
With 2,000 permanent staff, the Louvre is owned by the French government, under the Ministry of Culture and Communications; with a yearly budget of €122 million, the museum also generates the same amount in ticket sales.
The balance came from the museum's income generated by ticketing, partnerships with foreign museums, space rentals for corporate events, and other sources, all of which could be threatened by deteriorating economic conditions.
In a special edition of the French magazine Beaux Arts this month, the art critic Emmanuelle Lequeux warned against the rise of a "merchandised culture" that she said would lead to the decline of national museums as governments reduced funding, expecting museums to generate their own income.
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