Art festivals are a feature of many urban districts undergoing gentrification; they help to catalyze change by drawing a set of consumers with particular cultural interests. This article examines whether the arts produce racial exclusions by examining long-term Black and White residents’ participation in and perceptions of the monthly Last Thursday Art Walks in Portland’s gentrifying Alberta Arts District. We use surveys to measure arts participation and follow-up, in-depth interviews to understand whether long-time residents feel excluded by the arts, and if race is a factor. We find that Black residents participate less in Last Thursdays than White residents, and they often feel uncomfortable or unwelcome. We conclude that the arts-anchored symbolic economy results in racial exclusions that have little to do with differences in arts appreciation, but much to do with perceptions of people associated with the arts, and with residents’ abilities to use the arts to identify with neighborhood changes.