Art Basel Miami Beach

Deborah Brewster of the Financial Times reports on the upcoming Art Basel Miami Fair. The fair starts on December 3rd - Dec 7th and has over the years been an important aspect of the art and tourist industry in the greater Miami area, not only including Art Basel Miami but also the numerous satellite shows the have developed over the years. Unlike years past, the concern this year is the economy, as the sponsors become a bit more conservative and the dealers hoping the buying trends of past Art Basel Miami continue.

Brewster reports Art Basel Miami has transcended the clubby art world to become a social magnet for the monied and cultured – as well as those who just love a party – and a big marketing opportunity for luxury goods makers, with hundreds of dinners, product launches, panel discussions and general schmoozing taking place over the five days. More than 43,000 people attended last year’s fair, and thousands more travelled to Miami to attend the host of satellite fairs that have sprung up. The whole event has become so important to the economy of Miami that the show’s owner, the Swiss exhibitions company Messe Schweiz, has taken a stake in the Miami Beach Convention Center. However, as the news sinks in that the six-year boom in art prices has stalled on the heels of the global financial crisis, there are signs that the world’s most entertaining art fair will feel the downturn too. Exhibitors and sponsors, who committed to the event months or even years ago, are under markedly greater financial constraints than at last year’s buoyant spare-no-expenses fair, and collectors have finally pulled back their spending on artworks too.

Fowler also states caterers are reporting less lavish parties while hotels still have vacancies when in past years they would now be sold out. We should have a better idea by the end of the week on the success of Art Basel Miami.

To read the Financial Times article, click HERE, or click HERE to visit the Art Basel Miami Beach website.