Art Miami Bought by Multibillion-Dollar Business Strategy Firm

Business strategy and event operation firm Informa Markets has purchased art-fair conglomerate Art Miami for an undisclosed sum, Artnet reports. Informa operates around five hundred events and exhibitions around the world, with a focus on yacht and design trade shows, and generated $3 billion in revenue last year, according to its annual report.

“Every feature of the Art Miami fairs, from the ambiance to the dealers and the audience, will be enhanced,” Art Miami director and co-owner Nick Korniloff told Artnet. He said the new ownership will affect the maintenance of all fairs under the Art Miami umbrella, which include CONTEXT, Aqua Art Miami, Art Wynwood, Palm Beach Modern + Contemporary, and Art New York.

Informa has fifty-six offices throughout the US, Europe, Latin America, the Middle East, Africa, and Asia, and acquired Yachting Promotions Inc.—which operates the Fort Lauderdale International Boat Show, Yachts Miami Beach, and the Palm Beach International Boat Show—for $133 million two years ago.

Meanwhile, Art Basel’s parent company MCH Group recently divested from Art Düsseldorf and the India Art Fair. The Swiss firm also announced it would be pulling out of Singapore’s Art SG and would not be moving forward with the Miami expansion of the car fair Grand Basel as previously planned; last month, Art SG announced that its inaugural edition had been delayed from the fall to October 2020.