Siena is famous for its beauty, its erudition and, most of all, its madcap horse race and medieval pageant, Il Palio. Held every year on July 2 and August 15, it is one of the world's best known folk festivals and constitutes a year-round focus for every Sienese citizen. Each neighborhood has its own contrada museum, where you can learn more about the history of Siena than in any book.