Art Basel Miami Beach in numbers: what is the economic impact of the great art fair?

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South Florida is home to the world's largest gallery gathering. Along with 20+ satellite shows like Scope, Pinta, and Untitled, move at least $80 million in less than a week

Art Basel Miami Beach in number First, what is the economic impact of the big art fair? /></p><p>By</p><p>Soledad CedroFrom Miami, Florida, United States<i class=

Art Basel Miami Beach in numbers: what is the economic impact of the great art fair?

More than 85,000 people are expected to visit the Miami Beach Convention Center during the fair.

Art Basel Miami Beachturns 20 and will be bigger than ever. From December 1-3 (opening December 29 for collectors and guests), the Miami Beach Convention Center will host 282 galleries from more than 38 countries (including 26 exhibiting for the first time this year) featuring They will present more than 800 artists, making it the largest and most influential contemporary art fair in the world. But Miami Art Week isn't just about Art Basel: there are more than 20 art and design fairs that boost the local economy only comparable to what a sporting event like the Super Bowl can generate.

According to data from the Greater Miami Convention and Visitors Bureau, since 2001, each year Art Basel has steadily increased its economic impact in Miami-Dade, with the exception of 2020, when the event was canceled due to the pandemic. Hotel occupancy in South Florida, which averages 50% during the fall and winter months, peaked at 85.5% during Miami Art Weekin 2019. In 2021, when there was still concern about COVID 19, hotel occupancy dropped to 80.1%, but in this 2022 projections indicate that the figure will exceed that of 2019.

Art Basel Miami Beach in numbers: what is the economic impact of the great art fair?

The main exhibition of Miami Art Week brings together 282 galleries that will show pieces by more than 800 artists from around the world. (REUTERS/Christian Hartmann)

It is projected that at the Miami Beach Convention Center alone there will be more than 85,000 people visiting the main fair. The economic impact is expected to exceed USD 80 million.

“Art Basel is helping us become a destination for those in search of art and culture. What we are experiencing is the perfect example of how an event can be transformative and help elevate a destination all year long,” David Whitaker, president and CEO of the Bureau of Visitors and Greater Miami Conventions.

Art Basel Miami Beach in numbers: what is the economic impact of the great art fair?

Art week has become an economic engine for Miami. (REUTERS/Tyrone Siu)

Last year, during art week, the Miami International Airportsaw an average of 130,000 passengers a day, which marked a 5% increase in its traffic compared to 2019 (the last year in which Basel was carried out pre-pandemic) in that same week. By 2022, airport sources expect at least another 5% increase in passenger traffic.

From the main company of private planes that operate as taxis airlines in the area, Unity Jets, confirmed that the number of private flights expected for that week has increased by more than 20% compared to other years.

Art Basel Miami Beach in numbers: what is the economic impact of the great art fair?

In addition to Art Basel Miami Beach, 20 other art and design satellite fairs fuel Miami Art Week. (AP/Lynne Sladky)

While many use art week as a way to find interesting events and attend fun parties in the city, there is a public that comes strictly to buy art pieces. At a time when inflation is historic, many see investing in art as a safe bet for their money.

Art Basel together with its main sponsor, the USB bank, carried out a study of global collectors in 2022. According to those surveyed, 74 percent bought art at a fair in 2022, compared to 54 percent a year earlier. The expectation is that art sales will also be the highest in its 20-year history.