• About
  • Editorial Board
    • Staff Writers
  • Advertise
  • Join Us
  • Archives
The Wellesley News -
  • News and Features
    • Professor Phillip Levine Discusses “A Problem of Fit”
      Professor Phillip Levine Discusses “A Problem of Fit”
    • CS Department shifts CS 111 course structure
      CS Department shifts CS 111 course structure
    • WAMI and WRJ host discussion on criminalization of abortion
      WAMI and WRJ host discussion on criminalization of abortion
    • News
      • News in Brief
      • Nation & World
      • President’s Corner
      • Senate Report
    • Features
      • Alumnae Spotlight
      • Eye on Science
      • Faculty Focus
      • LGBTQIA+ Column
  • Opinions
    • Why Art Basel is partially responsible for Miami’s gentrification
      Why Art Basel is partially responsible for Miami’s gentrification
    • It’s time to put traditional grading to the test
      It’s time to put traditional grading to the test
    • What can the fall of Z-library teach us about textbook accessibility?
      What can the fall of Z-library teach us about textbook accessibility?
    • Staff Editorial
    • Letters to the Editor
    • The Elephant in the Room
  • Arts
    • No image
      Pentimento’s Open Mic is Like an Old Patchwork Quilt–Worn, Yet Cozy
    • No image
      Kanye’s Antisemitism Steps on his Shoe Brand
    • Lousy Realities: Luca Guadagnino (2015)
      Lousy Realities: Luca Guadagnino (2015)
    • Arts In The News
    • Reviews
    • Music Peek
    • Books Before Boys
  • Sports and Wellness
    • Student-Athlete of October
      Student-Athlete of October
    • Athletics Update Oct. 19, 2022
      Athletics Update Oct. 19, 2022
    • The Case for Body Neutrality
      The Case for Body Neutrality
    • Athlete of the Week
    • Boston Sports Update
    • The Vegan Digest
    • The SHE Corner
  • The Wellesley Snooze
    • Top 10 Girlbosses who aren’t alumnae, but I would totally believe you if you told me they were
      Top 10 Girlbosses who aren’t alumnae, but I would totally believe you if you told me they were
    • Wendy Wellesley’s Thanksgiving Menu
      Wendy Wellesley’s Thanksgiving Menu
    • The Snooze Awards for the Best Tanners of 2022
      The Snooze Awards for the Best Tanners of 2022
  • Miscellanea
    • President’s Column: The Butterfly Effect
      President’s Column: The Butterfly Effect
    • Administrators shocked to learn that students dislike being left in dark
      Administrators shocked to learn that students dislike being left in dark
    • 50 Lies You Tell Yourself in Order to Survive Until Graduation
      50 Lies You Tell Yourself in Order to Survive Until Graduation
    • The Dose
    • The Olive Branch
    • Multimedia
      • Galleries
      • Infographics
      • Videos
By Micol J. Zhai OpinionsDecember 7, 2022

Why Art Basel is partially responsible for Miami’s gentrification

Every December, I ironically look forward to seeing what vulgar exhibitionism will be done at Art Basel Miami Beach, one of the most well known international art fairs. Three years ago in 2019, it was the banana duct taped to the wall done by artist Maurizio Cattelan that ended up selling for $120,000. This year it’s an ATM that displays a leaderboard of the bank account balances of the people who use it. Currently at the top is DJ and music producer Diplo, with $3 million. It is ostentatious, theatrical and an absurdist gesture that is quintessentially Miami Beach. 

Despite being the most prestigious art fair in the western hemisphere, I find Art Basel Miami Beach to also be the art world’s preeminent joint display of fine art and conspicuous consumption. Along with billionaires descending upon the city in their private jets to battle for Basquiats and Boves, there is a weeklong circus of celebrity product launches, commercially sponsored pop-up events and Gatsbyesque parties. 

But this bacchanal of opulence is not experienced by everyone in the city. The poverty in Black-majority communities such as Overtown, Little Haiti or Liberty City serve as a stark backdrop to the coastal high-rises and Rolls Royce clogged streets. The wealth disparity in Miami-Dade County is startlingly clear and is something we need to pay attention to. Even before COVID-19, Miami has consistently been a city that has suffered some of the highest levels of income inequality in the United States. A part of this has been as a result of Art Basel. 

Underneath all of the splendor, art is a financial instrument for the uber-rich. Starting in the early 2000’s, the contemporary art market saw massive growth despite the global recession that plagued this period. Record sales were seen almost every month because of former Soviet oligarchs, Chinese billionaires, Middle Eastern magnates and high networth individuals (HNWI’s) from Silicon Valley. Contemporary art was especially appealing for investors with easy money policies beginning in 2008 and the “new normal” of low yields on bonds and equities. Since the art market is currency neutral, meaning it’s independent of the stock market, the resale value of artwork can still remain high even if the economy isn’t doing well. 

So when Art Basel Miami Beach began back in 2002, presenting Modern and contemporary artwork, it began bringing a wave of global elite to Miami every December. Specifically, it brought Chinese, Russians and Turks, who fueled the already-growing local art scene and bought real estate in the area. It wasn’t until the pandemic, however, that Americans decided to capitalize on Florida’s generous tax laws, and join this wave of buyers. 

This influx of buyers has caused property prices to increase intensely. In the last year, Miami-Dade County home values have gone up 24.5%. The super boom of the real estate market is without a doubt intertwined with the art world. In an article published by Art Basel themselves, they attribute Miami’s ability to lure HNWI’s from Silicon Valley and New York to the flourishing cultural institutions that have been a result of Art Basel’s arrival 20 something years ago. With matured art institutions and a city designed by starchitects, Miami is now considered an art city and a top-tier cultural destination.

What the article written by Art Basel fails to acknowledge, is the effect this has had on local people who are removed from the art scene. Out of the county’s 2.7 million residents, only 8% can now afford the current median house price of $490,000. With rising property prices, rent has risen drastically as well, faster than anywhere else in the US. The displacement of people who have previously been living in these areas is made even worse by the city’s new law that essentially “criminalizes homelessness” by banning encampments.

This law, I find, speaks volume to the priorities of the city: promote economic growth with no heed to the consequences. In a time where the cost of living is rising inordinately in a compressed time frame, it gives no grace to those being displaced. Rather, it prioritizes the aesthetics of the streets, keeping it free of blemishes to preserve property value and to cater to the predilections of wealthy contemporary art shoppers. 

Art Basel has transformed Miami’s social fabric. It has not been all negative, local gallerists have seen increases in business and local artists have felt the scene become more dynamic. But along with the thriving art scene also comes a story of displacement and loss. It is a modern day gilded age and a tale of two cities. Acknowledging the effects of Art Basel Miami Beach is just the first step.

Share on

  • Facebook
  • Twitter
  • Pinterest
  • Google +
  • LinkedIn
  • Email
Previous articleIt’s time to put traditional grading to the test

You may also like

It’s time to put traditional grading to the test

Banner reading this website has been seized over images of a book shelf

What can the fall of Z-library teach us about textbook accessibility?

Photo of a protest in favor of stricter gun control

Why towns affected by gun violence are split on candidates

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Email Newsletter

Sign up to receive our weekly digest in your inbox

* indicates required

Top Articles

Sorry. No data so far.

Recent Tweets

Tweets by @Wellesley_News

The independent student newspaper of Wellesley College since 1901.

Sign up to receive our weekly digest in your inbox

* indicates required

  • About
  • Editorial Board
    • Staff Writers
  • Advertise
  • Join Us
  • Archives
COPYRIGHT © 2023 THE WELLESLEY NEWS
Back to top