We have known that it is not easy to sustain any business for long time but it is particularly true when it comes to art fair business. The margins in this business are very less and the profits are negligible. In a recent deal, Art Miami who is also the owners of fairs such as Aqua Art Miami and Art Wynwood as well as Art New York has been acquired by Informa Markets which is a UK firm based out of London.
Also, this is quite surprising for some as Art Miami did not disclose any intentions for a sale. Talking about the sale, neither of Art Miami or Informa Markets have disclosed the price of this sale. It is known that the details about this deal from Art Miami’s side were disclosed to its exhibitors in an email.
The email from Art Miami read as reported by Artnet:
“Informa Markets is known as the world’s largest exhibition company. With that said, participating exhibitors can anticipate improvements to the marketing, infrastructure, logistics and ambience of all fairs under the new ownership structure.”
Also, Art Miami assured its exhibitors as well as everyone else involved that the locations of its fairs will remain the same and the email further said that “our entire marketing, operational, exhibitor services, design, and accounting teams will remain in place to manage each fair moving forward.”
This basically shows that Informa Markets will be the one providing Art Miami with all the funds to manage exhibitions and it will not be included in the daily operations while the operations at Art Miami remain same as before. Before the sale, Art Miami had announced that it is closing two of its fairs namely the Art Southampton in Long Island town and Art Silicon Valley which was located in San Mateo, California in 2018.