The Palace has been the scene of some of the most notable events in music, dance, theatre, opera and literature and has hosted important exhibitions of painting, sculpture and photography. It has hosted some of the biggest names from both Mexico and abroad. It has hosted poetry events as well as those related to popular culture. Artists and companies are from all parts of Mexico and abroad. It has been called the "Cathedral of Art in Mexico" and is considered to be the most important theatre and the most important cultural center in Mexico. It was declared an artistic monument in 1987 by UNESCO. The building is administered by the Instituto Nacional de Bellas Artes of the federal government. The palace receive on average 10,000 visitors each week.