During most of its 225 years, Moscow’s Bolshoi Theater had little concern for economics. In czarist and Soviet times, it didn’t need to raise private money or to compete for government subsidies. Budgets were defined solely by artistic need; ticket prices were kept low to provide broad access to top-quality culture; and the government generously filled the funding gap. Under this system, the Bolshoi became one of the world’s premier stages for classical ballet.

Then came Russia’s economic transformation, leading to big subsidy cuts that left the Bolshoi struggling. Aspiring dancers are still drawn to the dance company, but established stars can earn more elsewhere in the new Russia or overseas. The Bolshoi realized that to fulfill its artistic aspirations and to compete for the best talent, it needed more professional management and would be forced almost to double its revenues. To that end, the theater has redesigned its ticket distribution system and started fund-raising in earnest. Other measures are currently under consideration as well.

Revolutions may come and go, but one fixture at the Bolshoi has been the "pillar people": scalpers who congregate under the neoclassical columns of the theater and pocket the difference between the face and...