The Real Deal Miami

South Florida by the numbers: Art Basel and Miami real estate

By Master Brokers Forum | November 30, 2017 10:30AM

Art Basel Miami Beach

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

It’s back! The extraordinary Art Basel returns to Miami Beach next week, bringing with it much of the world’s finest modern and contemporary art. Evolving dramatically since its Miami Beach debut in 2002, Art Basel now draws large and well-heeled crowds throughout the entire region, having spawned a dizzying array of satellite art fairs, dinners, and parties. Miami’s savvy and progressive real estate community has capitalized on this unique opportunity for many years, using private gatherings, creative showcases, and rooftop soirees to get deep-pocketed buyers and investors (literally) in the door. Let’s examine the intersection of Miami art and real estate in this edition of “South Florida by the numbers.”

77,000: Attendance at Art Basel 2016, matching the number from 2015. This was considered a major victory for organizers, who had serious concerns about last year’s Zika warnings and post-election malaise. [MiamiHerald]

$400,000: Price of a Rafael Domenech-created artwork commissioned by Miami mega-developer Jorge Pérez for his Hyde condominium; “…a sprawling installation that featured Saturn-like rings above the building’s entryway.” (Pérez hosted an opening party to introduce the sculpture during last year’s Art Basel, but poor weather moved the festivities to his penthouse at an adjacent property.) [NYT]

5,600: Square footage of the $12 million Grove at Grand Bay penthouse, debuted at last year’s Art Basel. The fully-furnished unit has the first Baccarat chandelier in the world (Le Roi) designed by Marcel Wanders. [TheRealDeal]

$30 million: Total estimated value of artwork on display at a private Art Basel dinner last year, held to market the mansion at 212 West Dilido Drive in Miami Beach’s Venetian Islands. Listed at $28.5 million, the seven-bedroom, nine-bathroom house was also marketed with the opportunity to buy a $15 million Sanlorenzo yacht. The event featured pieces by Italian artists Fontana, Castellani, Burri and Scheggi. [MansionGlobal]

5: Number of years Art Basel organizers recently agreed to continue holding the event at the Miami Beach Convention Center. Already in the midst of a $615 million expansion (which will continue through this year’s festival), the city of Miami Beach agreed to add an additional elevator and escalator at the convention center to seal the agreement. [TheRealDeal]

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.