Recent breakthroughs in the development of AI technologies have led to cultural, economic, legal, and behavioral shifts in societies across the globe. AI is steadily securing its place in the ever more technology-reliant world. Even concepts that have traditionally been unique to humans are not spared from the influence of AI, such as culture and art. AI is creating many opportunities in the cultural sector, improving various processes including data documentation, interpretation, and preservation, as well as creating new mediums for visitor engagement in museums, galleries, and other cultural institutions. These AI applications bring ample benefits to the cultural sector and society in general. For instance, AI is having a positive impact on promoting cultural knowledge, making cultural exchange faster and smoother, and promoting new discoveries and creativity. Nevertheless, as in all other domains of employment, AI comes with many challenges and ethical dilemmas. In order to be able to utilize AI in the most beneficial ways for societies and individuals, it is important to understand current applications of AI, as well as positive and negative effects of its employment in this sector.