We consider the possibility of restoration and/or enhancement of decaying holograms in photorefractive media by using a simple optical readout in conjunction with a phase conjugator. The results indicate that extremely weak holograms can be enhanced provided that the two-beam coupling is sufficiently strong. Steady-state photorefractive holograms can be maintained continuously without decay by using a self-enhanced readout scheme. The results also provide an explanation for the formation of mutually pumped phase conjugation in terms of the amplification of an initial noise grating. The results are presented and discussed.