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The Art Basel Effect

December 12, 2016

The first year three Basel artists came together to form an international art fair in Miami it was proven to be a success from the start. That was in 1970, 36 years later and the Art Basel is still an ongoing tradition that gives light to Miami every first of December. People come from all around the world to appreciate the artwork exhibited around Miami beach and the festivities that follow. The Art Basel could even be credited for Miami’s reputation of being a world class city for art and culture. The art fair has become an admired tradition in Miami. Every year it attracts numerous celebrities and people of high status all into one place.

Economy

The Art Basel isn’t just a good time for people to admire and enjoy art. This time of year has also proven to be a great time for business as well. The marketplace for art and many other businesses thrive right before the holiday season, and The Art Basel brings in a surge of wealthy people into Miami right before this season starts. The tradition is more than just a fun fair for the city of Miami and it’s locals. The liveliness and thrill brought by The Art Basel has become great for Miami’s economy as well.

Both local residence and CEO’s of local company’s will agree that the Art Basel is great for business. It’s the perfect time of year to get people to come to Miami. Hospitality businesses flourish, and local stores and restaurants receive more traffic than ever. This extra surge of business also results in a need for more local employment. The Miami Herald reports, “Art Basel Miami has transformed into something fantastic. It creates jobs for locals to have extra money for Christmas, brings a ton of revenue to Wynwood, which has turned Wynwood into the next SoHo like New York. -Gregory Pitts, Davie Fl.” CEO’s of local companies will also praise Miami’s Art Basel for what it does economically. “I love the energy it brings to our community. It is one of the most amazing events that Miami hosts and puts Miami on the map as a cultural global hub. Aside from all the social benefits, it is also great for our local economy. – Rachel Sapoznik, CEO of Sapoznik Insurance.”

Forbes 2016

What that means for Real Estate

Having such a prestigious event for art in Miami has meant a lot for the value of its real estate as well. Miami’s overall lifestyle appeals to upscale homebuyers. Not to mention that Miami is also a diverse city that attracts people from all around the world. The Art Basel brings these upscale home buyers from around the world all into one place. People are looking to live in scenic areas and the city of Miami has responded. Contemporary art is more present in Miami than ever before. From the Wynwood Walls to repurposed warehouses, Miami has become a hub for artists and those who enjoy their work. As a result many developers will use the local art in Miami to attract homebuyers into new spaces and neighborhoods.

If you’re interested in Miami’s real estate this Art Basel season check us out at Metro1. We offer all types of residential and commercial listings from all around the city. Now is the perfect time to take advantage of Miami’s high end lifestyle and make some money by investing in real estate too. Our company specialize in brokerage, management, and development and we’re here to help give you what you need.  

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