Quantifying the “Art Basel effect”

What was once a slow time of the year for South Florida has grown into a
seasonal engine, with Art Basel Miami Beach having a significant impact
on South Florida’s economy each fall. “I use the term ‘Basel effect’
quite often,” said Rolando Aedo, senior vice president of marketing at
the Greater Miami Convention and Visitors Bureau. “From a business
perspective, the numbers are outstanding.” According to data from the
bureau, the average hotel room in Miami Beach rented for a 141 percent
premium compared to the same time in 2002. “It just kept growing,” said
developer Craig Robins. “It became a cultural phenomenon.” [Miami
Herald]