Art Basel Miami Beach is one of the most internationally recognizable Miami Events. It happens every year during the first week of December, together with the Miami Art Week. During the fair, the city’s atmosphere gets changed. Unfortunately, this year, Art Basel was canceled due to coronavirus pandemic. The impact on the city is not only related to the art industry. Luxury Real Estate Market in Miami is also suffering the negative impacts of not having all these flow of new people visiting Miami.
Art Basel takes place at Miami Beach Convention. The last one offered almost 270 art galleries with works of more than four thousand artists that came from around the world, including paintings, sculptures, photography, videos, and more. As we mentioned, the entire city gets changed and many galleries places around Miami Beach Convention and also in other neighborhoods nearby also feature other small and nice galleries and exhibitions.
This year the art fair celebrates its 50th birthday and organizers were preparing a big party in the three places where the fair takes place worldwide: in Hong Kong; Basel, Switzerland; and Miami Beach. All three fairs were canceled and replaced by virtual tours, the Online Viewing Rooms (OVRs). At the end of this article we comment more on those.
Impact on Luxury Real Estate
Art attracts art buyers, but also attracts luxury real estate buyers!
All this change in the city and the flow of new people create a big impact on Miami’s economy. Developer Dan Kodsi, known for its luxury project Paramount Miami in Downtown, said that the event not only attracts art lovers, but potential luxury condo buyers. Kodsi’s Roayl Palm Companies sold 20 condos during last year’s Art Basel, according to CBS Miami.
Paramount Miami is a luxury 60-story condo located within Miami World Center, one of the largest mixed-use developments in the world.
Art Basel is an opportunity for developers to showcase their new projects to a large qualified audience. Brokers and Realtors expect this time of the year to have a chance to present luxury real estate to buyers face-to-face.
Online Viewing Rooms
Don’t worry! You may still enjoy all the art around the word in Art Basel online viewing rooms. The physical event was cancelled but the virtual one not!
Online Viewing Rooms is Art Basel’s virtual platform connecting the world’s leading galleries with our global network of collectors and art enthusiasts. Five editions took place in 2020. Our latest iteration, ‘OVR: Miami Beach’, featured 255 galleries from 30 countries and territories. Read more OVR-related stories below, and see who participated in our December edition. Learn more