Art Basel Miami Becomes $500 Million Economic Stimulus Package for Local Economy

Art Basel Miami Becomes $500 Million Economic Stimulus Package for Local Economy

Vacation News » Vacation & Leisure Real Estate Edition | By Michael Gerrity | December 2, 2011 10:32 AM ET

(MIAMI, FL) -- As the world's art aficionados, celebrities and super wealthy converge on the shores of South Beach this week to celebrate the tenth anniversary of Art Basel Miami, the real celebrating should be done by the business proprietors in the local economy who will enjoy a multi-hundred million dollar economic windfall left in their wake.

Over the past ten years, Art Basel Miami rapidly developed from a vibrant newcomer on the global art scene to the leading international art show in the Americas.

Art Basel Miami features more than 260 leading galleries from North America, Europe, Latin America, Asia and Africa showcasing works by more than 2,000 artists of the 20th and 21st centuries, making Art Basel Miami the most prestigious art show of the western hemisphere, featuring both established and emerging galleries.

The Greater Miami Convention & Visitors Bureau's Executive Vice President Rolando Aedo tells the World Property Journal, "The Basel effect has a significant impact on Miami's economy in December. From a business perspective, the numbers are outstanding."

"Compared with results seen in 2002, the year of Art Basel's debut, revenue from the average Miami-Dade hotel room grew 51 percent for the first 11 months of 2010, according to Smith Travel Research. For December, that increase surged to 79 percent. For hotels in Miami Beach, the change is even more dramatic. During the first week of December, the average hotel room rented for 141 percent more in 2010 than it did during the same time stretch in 2002, according to an analysis by the Greater Miami Convention and Visitors Bureau", commented Aedo.

Jason Loeb, Chairman of the Miami Beach Chamber of Commerce says, "We understand the value of Art Basel because cultural impact has a direct economic impact.  Art Basel has taken Miami Beach from a resort and tourism destination to a destination for art and culture - which means big business for the City.  The 5-day event is bringing international visitors, with a huge number from Latin American, into the city filling hotels to capacity while shopping and eating at our world renowned restaurants.  The estimated $500 million in impact is leading Miami Beach from recession to resurgence".

Miami-based One Sotheby's International Realty CEO Mayi de La Vega said, "Art Basel now on its ten years of operations draws a sophisticated national and international crowd to attend the many fairs and activities this venue provides.  I think no matter how much we read about Miami's vibrancy, and glamour this art fair has helped establish Miami as a major city of cultural substance. This art fair's yearly exposure has made our city an oasis for culture and art and that translates into buyers having second homes and condominiums a la New York City or Paris."

"Miami is becoming the complete package for people seeking to have an additional residence. Our lively entertainment, expanding culture, exciting night life, and superb restaurants coupled with our beautiful weather and beaches make us unique. Historically the missing piece was our lack of exposure to the arts and now Art Basel has satisfied that need" concludes de La Vega.

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