Finally, the champagne flowed at a recession-era Basel party. A giant fountain featuring giant flutes bubbled over with bubbly, and waiters cased the sandy ''oasis'' behind the Raleigh with chilled bottles of Krug that seemed in ample supply.

The occasion was the unveiling of Visionaire's 55 Surprise, the art publication's newest collectible edition, which showcases 12 pop-up artworks by artists and designers such as Yayoi Kusama, Mario Testino, Guido Mocafico and Steven Meisel.

''I've been to so many parties already that everything hurts,'' said Joanna Schwartz, an art consultant from Chicago. ``I guess maybe some events are scaled back. But my dance card is as full as ever, and I've been fighting a hangover since Monday. So it's still a party, and Miami is still sexy, and art is still the point.''

-- LYDIA MARTIN

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