Art Basel 2022 – Despite Crypto Uncertainty, Art Sales Rise. What This Means For Miami Real Estate Posted on December 1, 2022December 1, 2022 by Sarah Elles Boggs It hasn’t even been a month since the shocking collapse of FTX rocked an already struggling crypto market and here we are at Art Basel Miami Beach 2022. At Miami’s 2021 art fair, the crypto-bros used their newfound wealth and dreamy-eyed insights for the future to turn up the party wattage to the highest decibel in Miami, an already debaucherous party city on the most excessive week of all of the weeks. “Out of the blue, all these kids from crypto started coming down and spending a lot of money,” Andrea Vimercati, director of food and beverage at Moxy Hotel group and former director of Groot Hospitality, told the Financial Times. Groot Hospitality operates Liv, Story, and Swan, three major Miami hotspots. “Like, an insane amount of money.” There were no limits to the excess with cases of the most expensive champagne being delivered to nightclub tables reserved for $50,000 per night. It was so excessive, entire condo developments were sold out with crypto. People were flashing their crypto wallets, as though it was any less cringe-worthy than showing off your bank account. They’re now gone. With Bitcoin hanging around $57,000 in late 2021, the money was there to throw around and play with. As we inched closer to the unrestricted party that is Art Basel 2022, Bitcoin had sunk to around $17,000. And then, to add insult to injury, FTX suddenly imploded just two weeks before the annual art fair. Yikes. Everyone involved asked similar questions. What does this mean for crypto? What does this mean for Art Basel sales? What does this mean for the service and hospitality industry that rolls out the unrivaled excess? And of course, what happens to the real estate boom that crypto helped to usher into our vibrant and cultural city? What is happening to the nightlife and service industry? Miami’s vibrant nightlife scene is certainly taking a hit in 2022 thanks to the crypto-crash. “They were ordering 12 or 24 bottles of the most expensive champagne and just showering themselves without even drinking,” Andrea Vimercati, the director of food and beverage at Moxy Hotel group, told the Financial Times. “[The crypto entrepreneurs] wanted to show that they didn’t have any limits.” Of course it is still Art Basel so the table spends are still astronomical, just dialed down a bit from 2021. It could be that the young, nouveau riche entrepreneurs have matured, or perhaps they are spooked by the FTX collapse and rocky year for crypto. Whatever it is, the crypto wallets are closed. What is happening with art sales at Art Basel 2022? While the sponsored yacht parties, NFT stunts, Web3 conferences and metaverse ragers are not as unlimited as they were in 2021, the art sales themselves seem to be back into the forefront of the fair, giving many involved a sign of relief. “It’s the post-FTX world,” says New York dealer David Lewis in his booth on the fair’s opening day, referring to the collapse of the crypto exchange founded by Sam Bankman-Fried. “The art world has always been really wary of the crypto world,” a wariness, he says, that appears to have been justified. “I think there’s a lot of comfort in the fact that a lot of the ways of doing things that have been going on for years or decades—or if you think of painting, centuries—are back in the lead.” As tensions mounted, the doors to Art Basel Miami Beach opened to VIP collectors on Tuesday and Wednesday, gallerists were relieved to find sales opening at a steady clip. Collectors from South America, Europe and New York browsed collections with heavy textures and layers, and more traditional forms than the digital pieces that have been more popular in recent years. Pharrell Williams, an Art Basel staple, had his eye on a $100,000 piece made of clay. In addition to the more tangible pieces, works from iconic artists such as Andy Warhol have also flown from galleries. Floyd Mayweather picked up a total of 10-12 pieces during the VIP portion of Basel. Four of these pieces were by Andy Warhol, and he also grabbed a statue of a fist of burning money. Because he can. The total of his sales climbed north of $3 million before the doors were even open to the public. “We pre-sold a lot, so the first hour or two is people seeing the pieces,” says Malik Al-Mahrouky, a sales director at Kurimanzutto, a gallery with locations in New York and Mexico City. Its pre-sales included, he says, a painting by Gabriel Orozco priced around $500,000 and two paintings by Roberto Gil de Montes, which sold for roughly $85,000 and $35,000. While English was far and away the dominant language heard in the fair’s aisles, Al-Mahrouky says he is surprised by the number of serious foreign collectors. “There are lots of Europeans this time around,” he says. “Last year there weren’t nearly as many.” What this tells us with regard to the real estate market… Using clues we have pulled from the crypto market, hospitality spending, art sales and the overall economy trends, it seems there will certainly be a shift to the Miami real estate market, but that is not necessarily bad news. What I believe we will experience is a leveling out. Transactions will continue to happen, particularly in the luxury sector. Traditional buyers will be able to compete for properties vs the crypto buyers. The properties that sell will be less flashy and trendy, making way for a more refined space. Miami is and will always be a desirable location for vacation buyers due to the factors we enjoy even after Art Basel has packed up and headed out. There is amazing culture, a rich culinary scene, never-ending entertainment and nightlife options, and plenty of career opportunities paired with a lack of state income taxes makes us the perfect combination for almost any resident. There really is something for everyone in Miami, and we are excited to cover each highlight in its own blog post. As we move forward through the rate hikes, inflation and crypto collapse that we experienced in 2022, we expect the market to slow, but only to a more healthy level. Sellers should feel confident that their listings will not languish on the market and buyers should feel confident with their ability to compete for the home or investment they really love. If you are interested in speaking more specifically about a neighborhood, project or listing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
2019 Art Basel Miami Beach December 5-8 Posted on December 4, 2019 by Michael Light It is that time of year…Art Basel Miami Beach begins tomorrow, so brace yourself for lots of eccentric art, entertainment and even more than usual celebrity sightings in South Florida. This year, Art Basel is open to the public from Thursday, December 5th through and including Sunday, December 8th, but invitation-only previews and Art Basel parties have already begun! Art Basel presents the world’s leading modern and contemporary art shows annually in only 3 places around the globe, Basel, Hong Kong and right here in South Florida. How lucky we are to have such a significant, dynamic cultural event right in our very own backyard. Art Basel Miami Beach will present an exhilarating array of artwork by both internationally-renowned artists and up-and-coming artists from around the world. Attendees of Art Basel will be immersed in the exciting art world while viewing pieces from over 200 premiere galleries from North America, Latin America, Europe, Africa and Asia. Premier paintings, sculptures, photographs, installations, films, commissioned works and digital art of the highest caliber will be on display in the main exhibition hall while other artwork, films and performances will be featured as part of the landscape at nearby beaches, Collins Park and Soundscape Park. Miami Beach Art Basel draws nearly 100,000 visitors from around the world and truly transforms Miami into a vibrant, exciting cultural event. So, if you live in Miami, take advantage of the exciting shows, and if you are visiting, welcome to Miami and enjoy! CLICK HERE for information about Art Basel Miami Beach 2019, including show information, tickets and overall visitor guides. For the 7th consecutive year, Douglas Elliman Real Estate returns to Art Basel as a show partner! Come discover our new developments in the Collector’s Lounge Art Basel Miami Beach and celebrate the launch of the Art Issue of Elliman Magazine. https://www.instagram.com/p/B5qBKGfgp3I/?utm_source=ig_web_button_share_sheet
Miami is Preparing for Art Basel 2018 | December 6-9 Posted on November 16, 2018 by Michael Light It is that time of year…Art Basel Miami Beach is right around the corner, so brace yourself for lots of eccentric art, entertainment and even more than usual celebrities in South Florida. This year, Art Basel runs from Thursday, December 6th through and including Sunday, December 9th, but pre-Art Basel parties have already begun! Art Basel presents the world’s leading modern and contemporary art shows annually in only 3 places around the globe, Basel, Hong Kong and right here in South Florida. How lucky we are to have such a significant, dynamic cultural event right in our very own backyard. Art Basel Miami Beach will present an exhilarating array of art work by both internationally-renowned artists and up-and-coming artists from around the world. Attendees of Art Basel will be immersed in the exciting art world while viewing pieces from over 200 premiere galleries from North America, Latin America, Europe, Africa and Asia. Premier paintings, sculptures, photographs, installations, films, commissioned works and digital art of the highest caliber will be on display in the main exhibition hall while other art work, films and performances will be featured as part of the landscape at nearby beaches, Collins Park and Soundscape Park. Miami Beach Art Basel draws over 80,000 visitors from around the world and truly transforms Miami into a vibrant, exciting cultural event. So, if you live in Miami, take advantage of the exciting shows, and if you are visiting, welcome to Miami and enjoy! CLICK HERE for information about Art Basel Miami Beach 2018, including show information, tickets and overall visitor guides.
2017 Art Basel Miami Beach Breaks Record with 82,000 Attendees Posted on December 13, 2017December 14, 2017 by Michael Light Art Basel 2017 proved to be the most successful one yet, setting a record with 82,000 attendants vising the fair this year at the Miami Beach Convention Center, compared to 77,000 average each of the past 2 years, according to the fair organizers. The fair space on Miami Beach was expanded by about 10% this year, due to an ongoing renovation at the Miami Beach Convention Center which is expected to be complete before Art Basel 2018. In addition, this year Art Basel’s Art Miami and Context had a new home on the Resorts World Miami site on a freshly poured 250k-square-foot concrete slab and had a crowd that most likely exceeded the 85,000 attendees, but final numbers for this has not yet been announced. How lucky are we to have the most popular art fair in the world, right in our very own backyard! Thank you to all of our clients who came to celebrate Art Basel in South Florida this year, and we hope to see you all back next year! Check out a few of the fun pictures from this year’s Art Basel. Art Basel Miami Beach 2017 Art Basel Miami Beach 2017 Art Basel Miami Beach 2017 Art Basel Miami Beach 2017 Art Basel Miami Beach 2017
Miami is Preparing for Art Basel 2017 | December 7-10 Posted on November 29, 2017 by Michael Light It is that time of year…Art Basel Miami Beach is right around the corner, so brace yourself for lots of eccentric art, entertainment and even more than usual celebrities in South Florida. This year, Art Basel runs from Thursday, December 7th through and including Sunday, December 10th, but pre-Art-Basel-parties have already begun! Art Basel presents the world’s leading modern and contemporary art shows annually in only 3 places around the globe, Basel, Hong Kong and right here in South Florida. How lucky we are to have such a significant, dynamic cultural event right in our very own backyard. Art Basel Miami Beach will present an exhilarating array of art work by both internationally-renowned artists and up-and-coming artists from around the world. Attendees of Art Basel will be immersed in the exciting art world while viewing pieces from over 200 premiere galleries from North America, Latin America, Europe, Africa and Asia. Premier paintings, sculptures, photographs, installations, films, editioned works and digital art of the highest caliber will be on display in the main exhibition hall while other art work, films and performances will be featured as part of the landscape at nearby beaches, Collins Park and Soundscape Park. Miami Beach Art Basel draws over 70,000 visitors from around the world and truly transforms Miami into a vibrant, exciting cultural event. So, if you live in Miami, take advantage of the exciting shows, and if you are visiting, welcome to Miami and enjoy! CLICK HERE for information about Art Basel Miami Beach 2017, including show information, tickets and overall visitor guides. Photo Source: artbasel.com/miami-beach
Art Basel Miami Beach 2016 Proves to be Successful, as Always Posted on December 13, 2016 by Michael Light Art Basel is hands-down the hautest week in Miami Beach and the surrounding mainland Miami neighborhoods, and this year was no exception! Throughout the 4 days of this year’s fair, Art Basel had over 77,000 people in attendance including many celebrities, influential private collectors, as well as curators, directors and patrons of leading international museums and institution groups from all around the globe. Although many of the exhibitors have been part of the Art Basel scene for many years, the fair welcomed 21 new galleries this year as well, further proving that the art scene in Miami/Miami Beach continues to grow exponentially each year and is definitely a force to be reckoned with! Art Basel Miami Beach released a press release about this year’s successful event, at arguably the best art fair in the entire United States: “Art Basel in Miami Beach’s 15th edition: a landmark year, featuring strong sales across all sectors of the show. This Sunday, December 4, Art Basel’s show in Miami Beach closed amidst high praise from participating galleries reporting healthy sales across all levels of the market. The show, whose Lead Partner is UBS, featured 269 world-class galleries from 29 countries who presented exceptional works, ranging from Modern masterpieces to contemporary paintings, films, sculptures and installations by established and emerging artists. In a challenging socio-political and economic landscape, this edition demonstrated that works of the highest quality presented by leading galleries continue to drive strong demand and solid attendance from serious international collectors. Several galleries chose to present powerful and emotive works that address these issues, which collectors responded to with great interest.” Click Here to read the entire Art Basel Miami Beach 2016 Press Release. Art Basel Miami Beach 2016 Until next year…here are a few of my favorite fun photos from the week of Art Basel Miami 2016! Photo Courtesy of ArtBasel.com Photo Courtesy of ArtBasel.com Design Miami 2016 1 Hotel South Beach Rooftop Pool During Art Basel Miami Beach 2016
Get Ready for Art Basel 2016! Posted on November 12, 2016 by Michael Light Art Basel presents the world’s leading modern and contemporary art shows annually in only 3 places around the globe, Basel, Hong Kong and right here in Miami Beach. How lucky we are to have such a significant, dynamic cultural event right in our very own backyard. Art Basel Miami Beach will present an exhilarating array of art work by both internationally-renowned artists and up-and-coming artists from around the world. Attendees of Art Basel will be immersed in the exciting art world while viewing pieces from 269 premiere galleries from North America, Latin America, Europe, Africa and Asia. Premier paintings, sculptures, photographs, installations, films, editioned works and digital art of the highest caliber will be on display in the main exhibition hall while other art work, films and performances will be featured as part of the landscape at nearby beaches, Collins Park and Soundscape Park. Miami Beach Art Basel draws over 70,000 visitors from around the world and truly transforms Miami into a vibrant, exciting cultural event. Although parties for Art Basel will begin in Miami right after Thanksgiving, the official dates for Art Basel 2016 for the public are December 1st-4th. So, if you live in Miami, take advantage of the exciting shows, and if you are visiting, welcome to Miami and enjoy! CLICK HERE for the Miami Beach Art Basel 2016 Events Calendar. Photo Source: artbasel.com/miami-beach
Art Basel 2015 is just around the corner! Posted on November 13, 2015 by Michael Light Art Basel 2015 is just around the corner! Art Basel presents the world’s leading modern and contemporary art shows annually in only 3 places around the world, Basel, Hong Kong and right here in Miami Beach. How lucky we are to have such a significant, dynamic cultural event right in our very own backyard. Art Basel Miami Beach will present an exhilarating array of art works by both internationally-renowned artists and up-and-coming artists from around the world. Attendees of Art Basel will be immersed in the exciting art world while viewing pieces from 267 premiere galleries from North America, Latin America, Europe, Africa and Asia. Premier paintings, sculptures, photographs, installations, films and editioned works of the highest caliber will be on display in the main exhibition hall while other art works, films and performances will be featured as part of the landscape at nearby beaches, Collins Park and Soundscape Park. Miami Beach Art Basel draws over 70,000 visitors from around the world and truly transforms Miami into a vibrant, exciting cultural event. Although parties for Art Basel will begin in Miami right after Thanksgiving, the official dates for Art Basel 2015 are December 3-6. So, if you live in Miami, take advantage of the exciting shows, and if you are visiting, welcome to Miami and enjoy! CLICK HERE for the Miami Beach Art Basel 2015 Events Calendar.