noticias
Art Basel Miami Beach generates an economic impact of half a billion dollars
Dec 15, 2024
Art Basel Miami Beach closed its 22nd edition with an estimated economic impact of the astonishing figure of half a billion dollars.
The global three-day art fair, which took place at the Miami Beach Convention Center and led to numerous events throughout the Magic City, was held from December 6 to 8, attracting more than 75,000 attendees.
A new market research report from BizCosts.com—a business unit within The Boyd Co., a corporate consulting and research firm based in Boca Raton—indicates that this year's Art Basel festivities generated $547 million in economic activity, including lodging, rideshare, spending on restaurants and clubs, shopping, and more.
This figure represents a solid increase of 9.4% compared to last year. According to John Boyd, director of The Boyd Co., a significant factor behind this growth is the increasing number of high-net-worth individuals, both corporate and celebrities, investing in art.
Boyd explained that wealthy residents and visitors who attended the event view art as a hedge against inflation, which remains at historically high levels, and as a "safe haven" amid economic uncertainty and global geopolitical risks.
Beyond art, this fair, which has been around for two decades, has established itself as a top-tier social event that attracts a mix of social media influencers, business leaders, and real estate moguls who see this week as an opportunity to network and close deals, Boyd stated.
“Many of our corporate clients hosting site selection combine important negotiation meetings with the week of Art Basel,” he added. “The event has also become the ideal environment for brands and service providers to launch new products and interactive sales exhibits targeting celebrities and high-level art enthusiasts.”
This year's event set records, with the participation of 286 galleries, the highest number to date. The total economic impact estimate from The Boyd Co. excludes specific gallery sales due to the private nature of most transactions and focuses on general retail. However, some of the standout pieces sold include Untitled (2014) by David Hammons, which sold for $4.75 million through Hauser & Wirth, and Mischievous Player (2016) by Christine Ay Tjoe, sold for $1.15 million through White Cube.
Although Art Basel is also held in Switzerland, Hong Kong, and France, art enthusiasts consider the Miami Beach edition a must-see due to the city's renowned weather, beaches, and vibrant culture. The Boyd Co. highlighted that the event also generates an increase in private jet arrivals that even surpasses traffic from the Super Bowl in recent years.
The new director of Art Basel Miami Beach, Bridget Finn, stated that this year's edition introduced a new booth model for exhibitors and repositioned the Meridians platform to showcase large-scale sculptures, paintings, and video projections. The changes helped Art Basel “welcome many vital voices and perspectives in the core sector of the show,” Finn commented.
“Overall, galleries presented truly ambitious, rare, and in some cases, career-defining and canon-building proposals, which have been placed in top-tier collections and sparked meaningful future conversations for the art world,” she continued. “It was an exciting feeling to finally open the doors of our event to visitors after more than a year of planning…”
In November, the Miami-Dade Department of Cultural Affairs, in partnership with Americans for the Arts, a nonprofit organization based in Washington, D.C., published a broader study focused on the economic impact of the arts titled Arts & Economic Prosperity 6.
The study reveals that the county's arts and culture sector generates $2.1 billion in economic activity and supports over 31,500 jobs. It also shows that nonprofit arts organizations spend $1.2 billion annually, while the public contributes an additional $856 million in event-related spending. Furthermore, the study suggested that the arts significantly impact the local tourism economy, with 21.4% of event attendees coming from outside the county.