The Picasso Museum’s decision to send a substantial portion of its collection on tour while undergoing renovations has resulted in a financial windfall for the museum but also for the other museums hosting the travelling exhibition, according to this article in the Richmond Times-Dispatch. Clever marketing helped the museum drive nearly a quarter of a million attendees. The knock-on economic value for Richmond has been estimated at close to $30 million for the entire state with 90% of that spending falling to Richmond itself:
The media plan covered the state with print, Web and partial TV. The museum also used two separate but compatible creative campaigns, which spoke to different audiences, Tarren said. “These efforts helped us achieve visitation from practically every corner of the state,” he said.
The Picasso exhibition produced an estimated $26.6 million economic impact for the Richmond region, and $2.3 million elsewhere in Virginia, for a total economic impact on the state of nearly $29 million, according to an analysis by Richmond’s Chmura Economics & Analytics.
The exhibit exceeded museum officials’ projection of $25 million in economic activity. More than 230,000 visitors, a record number for a single exhibit, came to the museum for the show, which ran from Feb. 19 to May 15.
How VMFA Leveraged Picasso Exhibit (Richmond Times-Dispatch)