Art Basel Miami Beach (“ABMB”) was established in 2000 as the sister event of Switzerland’s Art Basel, the world’s most prestigious art fair for the past 43 years; and

ABMB has become the preeminent contemporary art fair in the western hemisphere and an established destination for artists, galleries, collectors, museum groups, and other individuals interested in top quality art.

Economists have estimated $400 million to $500 million annually in related economic impact as a result of ABMB and generates thousands of hotel room nights annually within the City of Miami Beach, including over 12,000 room nights, with annual attendance approximately 77,000 based on 2017 attendance estimates.

Moreover, based on the ABMB room night confirmations, the City Commission has designated ABMB as a Marquee Event ,pursuant to the Miami Beach Convention Center (“MBCC”) Booking Policy.

On August 4, 2017, the City of Miami Beach, Global Spectrum, L.P. D/B/A Spectra Venue Management (“Spectra”), and Art Basel U.S. Corp., entered into a License Agreement for ABMB’s use of the MBCC for the ABMB Show, for annual shows to be held in 2019, 2020, 2021, 2022, and 2023.

On September 2, 2020, the City of Miami Beach, Spectra, and ABMB executed Amendment #1 to the License Agreement, cancelling the 2020 ABMB Show due to the impact of the COVID-19 pandemic.

As the City economy recovers and the MBCC reopens to former and new clients, the parties desire to enter into Amendment No. 2 to the License Agreement to include the following: (1) an extension of the term of the License Agreement for ABMB to host annual ABMB shows in 2024, 2025, and 2026; (2) reduce the license fee for the 2021 Annual Show to $100,000; and (3) ABMB to offer City of Miami Beach residents 50% discounted tickets for the Saturday, December 3, 2021 event date; and

Administration recommends that the Mayor and City Commission approve the amendment to the License Agreement based on the terms contained in this Resolution.