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In particular, if demand rises more quickly than that for other outputs (the income elasticity is larger than one), and the price elasticity of demand is larger than minus one, prices and revenues can possibly be raised sufficiently to keep pace with rising costs.
Scattered empirical evidence exists, suggesting that econometrically estimated income elasticities of demand are greater than one, for both types of art.
Throsby and Withers (1979, p. 113), for example, find an income elasticity for performing arts services of 1.55 for the United States 1949-73, and of 1.4 for Australia 1964-74 (full income).
On the demand side, the major factors identified are the rising interest in cultural events in general (a positive and sizeable income elasticity of demand); the opening up of such events to groups of persons so far not patronizing the arts; caring for specialized cultural tastes (i.e. exploiting niches of demand); newsworthiness and publicity - going with rising importance of the electronic and print media; lowering of consumption costs due to an efficient combination of art with tourism; the possibility of raising revenue by asking higher entrance prices because of the low price elasticity of demand due to tourists; and the increasing awareness of local business that festivals and special exhibitions can be commercially exploited.
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