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High end tourism begins on Miami Beach with Art Basel

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Wealthy international individuals target private jet hotspots such as Miami Beach for Art, Sports, Business and Real Estate Investments. High end tourism and the seasonal stream of foreign wealth that flows to specific destinations such as Miami have been linked to major VIP events. Art Basel is only held annually in three dynamic cities: Basel, Hong Kong, and Miami Beach.  The weeklong art fair begins this December 1-4th 2016 at the Miami Beach convention center and at various satellite art fairs through Greater Miami area.

The Knight Frank report illustrates that Art Basel Miami Beach, the most significant art fair in the United States, turns Miami into a private-jet hotspot in the winter months, specifically December.  The art event attracts wealthy individuals to the city who  may ultimately purchase permanent or second-homes which eventually drives up the  residential investments in the city.   According to the report, a direct connection exists between the migration patterns of the wealthy to preferred locations like Miami and New York city for example eventually encouraging a boost in demand for real estate.

Art Basel Miami’s exclusivity appeals to the the high end spectrum of the art world with its sophisticated, international crowd of artists, collectors, curators, investors and stars. Even the population of Miami Beach’s increase during Art festival creating a steady flow of money. The participants and visitors revel in the weeklong activities which includes exhibitions of galleries from North America, Latin America, Europe, Asia and Africa.

Wealthy winter snowbirds and returning residents migrate for major events such as Art Basel Miami, and holidays such as Thanksgiving, which is another major travel holiday. But December dominates as Miami’s peak month for growth in people, events and activities. Data shows a population increase of over 5,410 individuals staying in permanent and second homes compared to 1,170 during July’s low season. Miami Beach’s Art Basel Miami Beach also event draws the most millionaires, worth an excess of US$10 million or more.  Now in its 15th year, Art Basel Miami capitalizes on Miami’s unique geographic location which offers a plethora of VIP events. South Florida’s ongoing revitalization, economic development and top real estate market continues to cater to and meet the demands of these multi-millionaire investors.  The Knight Frank Wealth report named Miami one of the strongest and leading prime residential property markets in the world, ranked 4th in North America and 14th worldwide in its Prime International Residential Index (PIRI).

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