There is much to see in Miami next week as 30 fairs, in addition to numerous other events, descend on the city. If you need assistance navigating the fairs or are interested in a private tour, give us a call. Either way, enjoy this issue of The Cottelston Bulletin. mss

 Art Basel Miami Beach Week

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Beautiful Weather Outside My Head

With trepidation, the art world migrates south next week for Art Basel Miami Beach. At a time when confidence in the art market has been seriously shaken, the sun will shine, at least literally.

The mid-September auction of work by Damien Hirst, titled “Beautiful Inside My Head Forever”, demarked the beginning of the end of the hyperactive art market. Sotheby's two-day sale was pioneering in that all 228 lots were primary market works and, despite having the unique distinction of starting on ‘Black Monday’, the sale was a success with 98% of the lots selling for $201 million. Then the art market caught up (down?) with the financial markets.

The past almost three months have not been kind. After years of feeding frenzy activity during the opening moments of major contemporary art fairs, the Frieze Art Fair opened mid-October to subdued sales. Then the mid-November auctions in New York were dismal with more than one third of the lots failing to sell, and many of those that did find buyers went for prices considerably below the auction houses' presale estimates.

The new sobriety arrives in Miami next week for Art Basel Miami Beach 2008. Yet optimism still reigns as 30 fairs with almost 1,300 exhibitors compete for precious sales, up from 24 fairs and 1,200 exhibitors in 2007. Below is a map and listing of all the fairs. Be sure to bring comfortable shoes and rose-colored glasses.