Art Basel Miami Feels Pull of Marketing’s Ebb Tide
This is quite a change for an extravaganza that has made a name for itself as a Woodstock for the wealthy, a four-day-long affair of partying, wooing, and spending. Over the years, corporate sponsors including HSBC, Krug, NetJets, and Cartier have flocked to Miami (and will be there this year too) to target the rich clientele who attend the fair and its handful of piggybacking satellite functions. Last year, the single week of parties generated nearly $500 million, including revenue from art sales, hotels, and restaurants, according to Miami tourism experts.
That $500 million is a kitchen sink number but it’s still impressive. This year UBS is sticking with the fair despite its financial woes. You can’t run a business if you can’t market it. And Art Basel is where UBS’s target market lives.
Art Basel’s Blue Period (Portfolio)