Urban conservation in developing countries takes place despite limited funds, strong forces of deterioration, and the lack of popular and private-sector support. These challenges contribute to the existence of a conservation cycle in which policies evolve from an emphasis on monuments, to largely cosmetic enhancement schemes, to area-improvement projects, and, finally, to more ambitious removal programs. The four stages of the cycle are illustrated with reference to the historic center of Quito, Ecuador. Escape from the cycle to a condition of sustainability is achieved when the private sector is motivated to invest on a scale that generates permanent upgrading. This motivation becomes possible with the area scheme and is a virtual certainty if removal measures come to dominate conservation policy. However, progress through the cycle diminishes the traditional heterogeneity of social groups and ways of life that characterize the historic centers. Reference to the concept of authenticity highlights the tension between architectural conservation, a changing human environment, and the meaning placed in that environment. Although interpreting the meaning of conservation presents problems for policymakers, an improved awareness should contribute to a more sensitive policy.