Miami Basel’s Blue Period
Thursday, December 4th, 2008
The balloon has been grounded and the bean counters are coming to the baccahanal. Last year at Art Basel Miami Beach, Krug Champagne invited clients to soar over the Everglades in a hot-air balloon, but the high-flying corporate symbol won’t be at the fair that kicks off today. BMW, which has ferried V.I.P. cardholders around Miami for years, pulled out of its sponsorship for 2008. A couple of spinoff fairs have been canceled amid softening sales of contemporary art. Fashion companies, in particular, are backing away from big events. This is quite a change for an extravaganza that has made a name for itself as a Woodstock for the wealthy, a four-day-long affair of partying, wooing, and spending. But with the turmoil in the markets, such extravagance is considered either too pricey or simply in bad taste. For some sponsers, it is a matter of balance. For example, Swiss bank UBS has been the principal sponsor of Art Basel Miami Beach for the past seven years and will be again this year. Peter Dillon, head of UBS’s sponsorship for the Americas, says the bank will make sure it’s “not being frivolous.” However, he points out that UBS won’t downscale too much. “Art Basel is in our DNA,” he says. (more…)
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