Most of the art that you see in museums and city squares is available to the public, produced by public institutions and artists backed by government cultural programs. However, not all museums or galleries—even if they're open to the public—are publicly owned.

A private museum is a artistic or cultural institution owned by a private interest, such as an individual art collector, social club, or company. The foundation for these kinds of museums is usually based on a person's private art collection, which they've decided to make available for public viewing. Some of the famous private museums in the world include Madame Tussauds, the famous wax sculpture museum that has been open since 1835, with branches in major cities like London, New York, Las Vegas, Shanghai, Sydney, and Vienna.

Historically speaking, many private museums that still exist today were established by prominent businessmen and other wealthy individuals. It's for this reason that New York City is home to the Guggenheim and Rockefeller Museums, based on the fortunes of families by the same names. In the present day, the economic progress in China has led to a new class of wealthy families with their own private art collections. As a result, institutions like the Sifang Art Museum in Nanjing are being set up to both commemorate family fortunes and add to China's cultural legacy.

In the United States, some private museums are quick to capitalize on the lack of visitors that older public museums are facing. With fundraising and government spending on the arts making a sudden drop, established museums are finding themselves under siege. Private museums have access to more money, which means they can outbid their competitors on classic and popular works of art, guaranteeing a stronger audience. They can also loan works of art to other museums and collections for a fee.

But while private museums are going strong, that's not to say that they're not without their problems. While many well-to-do families and companies might have more than enough money to sponsor the creation of a private museum, the actual cost of maintaining a fully-stocked art gallery is usually much higher. Private institutions like the Philips Collection in Washington, D.C. and the Barnes Foundation in Philadelphia have seen their endowments shrink and faced the possibility of bankruptcy over high operating costs and a lack of publicity. In this case, while they have their own budget issues, public museums do slightly better since their government funding and public donations are still guaranteed.

While it's unlikely that we'll ever see public museums disappear, it's clear that private museums do have an advantage and an audience in years to come, keeping the world of auctions and art lovers going strong.

Image by Jun Acullador on Flickr