Art Miami, the 30-year-old fair that runs concurrently each December with competitor Art Basel Miami Beach, has been purchased by a London-based exhibition and events company for an undisclosed sum.
Longtime director and co-owner Nick Korniloff confirmed to artnet.com that he and his partners have sold Miami’s oldest art fair to Informa Markets, which owns and operates the Fort Lauderdale International Boat Show and hundreds of other events. The Art Miami group also includes the CONTEXT fair, which focuses on emerging art and runs in tandem with Art Miami in December, and Art Wynwood, among others.
Korniloff told artnet that Art Miami’s staff will remain in place and all its fairs will continue to run, including Art New York and Palm Beach Modern + Contemporary.
“It’s a bold and very positive step for us,” artnet quoted Korniloff as saying.
Korniloff declined to comment for this article, citing restrictions based on Informa’s status as a public company.
Art Miami and CONTEXT, long in the shadow of the larger Art Basel show, raised their profile considerably after expanding and moving from Midtown Miami to downtown Miami two years ago under Korniloff’s direction. The fairs broke their previous attendance records last year, drawing a reported 84,000 visitors.