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The consequences of the "Guggenheim Effect" on the art market will be monetarily positive as the art market already primarily caters to the elite and this will provide them with further opportunities to interact with, buy, and invest in art. Socially I think the art market will be affected negatively as it is further reduced to a commodity, and the vast majority of the population finds it increasingly difficult to access. I think that the "Guggenheim Effect" would be more significant in benefitting the entire population of a city or region if care were taken to combine the physical revitalization with meaningful social reform.
Additional Guggenheims:
Venice
Berlin