Miami: Low taxes and the draw of Art Basel

Early December means only one thing for the international contemporary art world: Art Basel Miami. The USA’s premier art fair sees a five day fiesta of exhibitions, satellite shows, power networking and full blown parties as 270 elite galleries from 35 countries take over the Miami Beach Convention Center.

Art Basel Miami 2018 attracted 83,000 visitors, many with serious money to spend. You can see it in the million-dollar price tags on the art for sale and also in the increase of private jets arriving in the city. Miami Opa-locka Executive Airport, 16 miles from the Convention Center, is now one of USA’s top 20 busiest private aviation ports, up from 63rd place in 2008.

The renaissance of Miami is clear. Knight Frank’s Wealth Report 2019 reported that the city is home to 33,000 millionaires and throughout this year Florida’s low tax status has attracted several high-profile people, Donald Trump among them, escaping higher taxes elsewhere. Knight Frank figures predict that 34,000 high-net-worth individuals will have relocated to Miami by 2023.

Where will they choose to live in the Magic City?

“The Design District, the venue for many Art Basel events, gets better and more interesting year after year,” says Jason Mansfield of Knight Frank. “Coconut Grove is a perennial favourite, a delightful village within a city, full of young families and with excellent private schools, restaurants and bars and a great infrastructure for living. And the Venetian Islands remain popular with our clients who want to remain close to the water but slightly removed from the hustle and bustle of Miami Beach itself. The islands have a unique laid-back character and because the land is finite properties there hold their value well.”

Currently on the market on Miami Beach and just ten minutes-walk from South Beach is an imaginatively restored 1936 house on the National Historic Register. Award-winning designer Alex Alonso spent a year on the three-bedroom property, painstakingly restoring the original tiles, the Art Deco fireplace and creating a wonderful salt water pool. The result is an exceptional ‘Med-Deco’ house in a quiet cul-de-sac with 1,500 sq ft of living space and a quarter of an acre plot, for sale fully furnished for US $1,390,000.

Above: 836 Espanola Drive is on the market for US $1,390,000 

Above: Complete with outdoor salt water pool 

Art lovers will also relish the opportunity to live at the epicentre of Miami’s art and entertainment district in North Miami within easy reach of artsy Wynwood and the city’s flagship modern art museum, Pérez Art Museum Miami (PAMM). With five bedrooms over three floors, a round the clock concierge, fitness centre, pool and sundeck the apartment offers a fine Miami home, but it’s the 22ft ceilings – ideal for displaying a burgeoning art collection – that might hold the most appeal. The 7,110 sq ft home is for sale for US $4,200,000.

Above: Miami apartment on the market for US $4,200,000

The man who gave his name to PAMM, Jorge Pérez Chairman and CEO of The Related Group, is a contemporary art collector of great distinction, a man whose contribution to artists and the art scene in Miami has been invaluable. He is selling his South of Fifth Miami Beach home, decorated and furnished by Sharon Rauvola, for US $10,950,000.

Above: Jorge Pérez’s penthosue apartment is on the market for US $10,950,000

The outstanding home is the premier penthouse at One Ocean on Collins Avenue, with four bedrooms, a terrace with gardens designed by master landscaper Enzo Enea and exceptional ocean views. For sale fully furnished, all the new owner needs to bring is their own art to hang on the walls.