The Guggenheim museum will remain in Bilbao for the foreseeable future. The Solomon R. Guggenheim Foundation announced yesterday that it was renewing the agreement is has with the Basque museum until 2034. The Guggenheim Museum Bilbao has welcomed almost 17 million visitors and staged over 140 exhibitions since it opened in 1997; and has had much success over the 17 years that is has engaged with the public. In fact the museum success quickly triggered the redevelopment of the formerly decrepit port area of Bilbao and bolstered tourism in the entire Basque Country.

The regeneration of the area and the economic evolution of the country was coined the “Guggenheim effect" soon after to describe this museum-led process.