Miami Beach Cuts Art Basel Rent to $500,000, Securing 5-Year Deal Through 2031
Updated
Updated · The New York Times · Oct 19
Miami Beach Cuts Art Basel Rent to $500,000, Securing 5-Year Deal Through 2031
1 articles · Updated · The New York Times · Oct 19
Summary
A 6-1 Miami Beach commission vote approved a new five-year Art Basel contract through 2031, cutting the fair’s annual Convention Center rent from nearly $1 million to $500,000.
The concession broke 18 months of deadlock after Art Basel warned it could reconsider Miami Beach and potentially shift the fair to Las Vegas if fees were not sharply reduced.
Noah Horowitz, Art Basel’s chief executive, told commissioners the fair would “by necessity re-examine” its Miami Beach position if the revised deal failed.
The dispute underscored how strongly Miami Beach wanted to keep an event that has anchored its December art calendar since 2002, while MCH Group had already discussed Las Vegas as an alternative.