Though many in the industry are still as busy as ever, it may not extend to one of South Florida's biggest events, Art Basel Miami Beach. The American credit crisis has affected global financiers including Swiss bank UBS, Art Basel's lead sponsor.
In a case similar to the multibillion-dollar bailout in the U.S., the United Bank of Switzerland recently received its own from the Swiss National Bank, at a price tag of $60 billion. It has also suffered one of the largest setbacks in the European financial system, resulting in concerns over the amount of funds to be allocated for peripheral events.
Michelle Areces of Touch Catering told The Miami Herald that "definitely, all the budgets have been reduced." She also indicated that she didn't see as many events being held this year as were in the past.
"I have noticed a lot of tapering off in terms of event sizes for this year," said Alina Isambert, president of Thierry's Catering, which is servicing around 10 different events for the 2008 festival. "There are still going to be the main, large parties, but those may not be open to the public this year."
However, while there may be some cutbacks in the scale of events this year, Isambert believes the attitude of Art Basel will remain consistent with years past, and she remains optimistic that Miami will find a way to fund another great year for the festival.
Art Basel is scheduled to run December 4 through 7.
