The Significance of Art Basel On Real Estate

Each December as the weather dwindles here in New York, Miami Beach takes center stage thanks to Art Basel, a platform for modern and contemporary art galleries that not only attracts an internationally sophisticated crowd with an eye (and bank account) for art, but also those who enjoy the party culture and networking opportunities the event has grown to provide. Artists, collectors, curators, celebrities and more descend upon Florida’s sexy South Beach to view and purchase creative pieces and commiserate with the best of the best flying in on their own private jets.

So what does that have to do with real estate?

As it turns out, a lot.

From December 3 through 6, the world’s most connected and deep-pocketed collectors will all be in one place, presenting the perfect opportunity for real estate professionals to showcase new condominium and other real estate projects to the social elite. It’s the ideal time for developers and agents to dangle existing high-end properties and new projects in the works – real estate offerings that will pair seamlessly with a new piece of art.

Simply put, Art Basel creates a forum of elite buyer prospects who may be interested in a new primary residence or even a second or third home. It makes sense in a world where an estimated $66 billion of art was reportedly sold at auction last year.

In the 14 years since Art Basel Miami first debuted – more than 20 years after it was originally founded in Basel, Germany (Art Basel Hong Kong debuted in May 2013) – Miami’s luxury real estate scene remains red hot. Luxury developers, many of whom are based in New York, continue to flock to the area to build the biggest and best skyscrapers, condominiums, resorts, hotels and more. While it could be argued that real estate prices haven’t returned to pre-crisis levels, Miami has clearly proven itself as a choice destination for the uber-wealthy.

More than 75,000 people are expected to attend Art Basel Miami Beach this year – professionals from all real estate facets, including publicists, like us. This Basel looks bigger than ever in 2015, with nearly 270 exhibitors from 32 countries showcasing the works of around 4,000 modern and contemporary artists. New development divisions of powerhouse brokerages like Douglas Elliman and luxury real estate development company Terra Group will not only attend and sponsor Basel events, but also host lavish parties of their own. Brands of all kinds want in on the action.

Art Basel is open to the public. Tickets can be purchased at the show venues or in advance online, which is the best option. If you’re thinking of going and need some tips, Architectural Digest has what you need to know in their annual guide.

 

 

Leave a Comment