In recent years, culture and cultural heritage have been more and more clearly visible in the market in terms of products (including for example the design inspired by folk art motifs) and services (as evidenced by cultural tourism) to be bought or sold. Cultural heritage has ceased to be of interest only to museum curators and cultural anthropologists (whose work the very concept of cultural heritage stems from) and has also become an important area of concern for local communities, which are increasingly aware of its role in shaping their cultural identity, for entrepreneurs, who see it as an opportunity to develop their businesses and profits, and for politicians, who more often perceive it as a development resource essential for regional strategic management. Although quite intensively discussed in literature, this broad concept is still not really clear. The following paper is an attempt to take a closer look at the multi-dimensional nature of cultural heritage and at how cultural heritage should be governed, but also at the variety of expectations different stakeholders have about cultural heritage and how they can be reconciled.