I looked it up in two quick references and have to disagree with the idea 
of exhibition NOT being in the dictionary...

We must always remember that words and meanings can change over time, just 
like museums.


Merriam-Webster Collegiate Dictionary
Function: noun
Etymology: Latin Museum place for learned occupation, from Greek
Mouseion, from neuter of Mouseios of the Muses, from Mousa
Date: 1672
: an institution devoted to the procurement, care, study, and display of 
objects of lasting interest or value; also : a place where objects are 
exhibited


The American HeritageŽ Dictionary of the English Language: Fourth Edition
NOUN :
A building, place, or institution devoted to the acquisition, conservation, 
study, exhibition, and educational interpretation of objects having 
scientific, historical, or artistic value.


David Haberstich wrote:

 > The dictionaries I've consulted define a museum as an instituton which
 > collects and preserves historic and/or aesthetic artifacts and makes them
 > available for study--nothing more, nothing less.  Note that this does not
 > even include public display.  While public display is a logical, efficient,
 > and convenient way to make artifacts available for study, it does not
 > necessarily mean that exhibition is the essence of a museum; indeed, a
 > museum, by dictionary definition, is not required to do exhibitions, however
 > logical, beneficial, and advisable they might be.
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