Written by By Caroline Cunningham , CNN Miami
Art Basel is back, and it couldn’t have come at a better time for Miami. Earlier this year, the art market stalled. Buyers were snubbed by market forces — particularly from the wealthy mainland United States — and galleries were pressed to lower their prices to stimulate activity, causing the market to decline, many experts agreed.
Now, the art industry is back with a vengeance. The opening of the 2019 edition of Art Basel Miami Beach will see attendance at the show, which takes place November 30-December 3, up over 30% from last year’s record numbers, its organizers have confirmed. The 115 dealers, who represent the largest group of dealers from North and South America, Asia and Africa, will also have spent an estimated $100 million on new art this year.
This is the 14th edition of Art Basel’s annual Miami Beach show, an event that is the largest in the world and has now become one of the top four art fairs in the world. According to Artnet , the market around Art Basel Miami Beach exceeds $2 billion annually.