Early Look: Miami Sales Report

The recession sculpted Art Basel Miami Beach into a humbler version of itself this week, with galleries reporting significant drops in sales.

Nearly half of all art dealers interviewed saw sales drop, with almost 20 percent saying sales fell below the 30 percent mark. Just over 15 percent reported a sales increase, while 30 percent said sales were flat.

To gauge the effects of economic turmoil on the country's largest contemporary arts fair, five Miami Herald reporters surveyed 85 exhibitors participating in the official Basel show and in five satellite fairs.

Read the report in the Miami Herald here. From what I am hearing from the ground, some of the satellite fairs are doing better than others.