Miami’s version of Art Basel has helped reposition the city as a global destination for influencers, billionaires, and partygoers. And this year’s Art Basel – which wrapped up earlier this month – was no exception, with over 70,000 attendees at the main fair generating more than $20 million in revenue. This establishment of a global art scene has not only spotlighted Miami as an international city but also boosted its luxury real estate market. While real estate prices haven’t quite returned to their pre-crisis levels (the S&P/Case-Shiller index puts them at 2004 levels), Miami has once again won the full approval of the ultra-wealthy and the trendsetters, who are willing to spend serious dough and endure endless traffic jams to get a piece of the action, be it art, real estate, or champagne.
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2014