In a major shift in the cut-throat art fair business, Art Miami, the parent company of fairs like Aqua Art Miami, Art Wynwood, and Art New York, has been bought by the London-based business strategy firm and exhibition company Informa Markets. Artnet was first with the news. The price of the sale was not disclosed.
In an email sent to exhibitors, a representative from Art Miami said, “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.” The email also assured exhibitors that the locations of all fairs will remain the same, no changes had been made with upper management, and that “our entire marketing, operational, exhibitor services, design, and accounting teams will remain in place to manage each fair moving forward.”
Informa Markets specializes in luxury product trade events, most often focused on yachts and design. It operates around 500 fairs and exhibitions each year and has 56 offices in the U.S., Europe, Latin America, the Middle East, Africa, and Asia. According to Informa’s annual report, in 2018 it generated £2.37 billion in revenue (about $2.98 billion) and had year-over-year grown of 3.7 percent.
The news of Art Miami’s acquisition follows its decision to shutter two of its fairs, Art Southampton, which had taken place in that luxe Long Island town, in 2017, and Art Silicon Valley, situated in San Mateo, California, in 2018.