Home / Arts and Entertainment / Miami Beach Secures Art Basel Deal Amidst Vegas Threat
Miami Beach Secures Art Basel Deal Amidst Vegas Threat
19 Oct
Summary
- Art Basel will remain in Miami Beach until 2031.
- Negotiations involved a significant reduction in annual rent.
- Las Vegas was considered as a potential relocation site.
After 18 months of intense negotiations, Art Basel has secured its presence in Miami Beach through 2031. The world-renowned art fair had previously signaled a potential move to Las Vegas, Nevada, if terms with Miami Beach officials were not met. The primary point of contention revolved around the nearly $1 million annual rent for the Convention Center. City officials were presented with a revised contract that proposed a substantial reduction in this fee. Ultimately, Miami Beach Mayor Steven Meiner and the commissioners voted to approve a new five-year agreement. This contract will see Art Basel's annual rent reduced to $500,000, ensuring its continuation in the South Florida venue since 2002. The possibility of relocating to Las Vegas had been discussed by MCH Group executives.
