Photo by Adriano Castelli

From December 6-9th, Miami hosts the 11th edition of Art Basel, the most prestigious art show in the Americas. More than 260 leading galleries from around the world will take part, showcasing works by more than 2,000 artists of the 20th and 21st centuries.

As art collectors, celebrities, artists and journalists descend upon Miami for the three-day art extravaganza, the benefits brought in to the local economy cannot be overstated. World Property estimated last year that Art Basel, then celebrating its 10th anniversary, brought in a whopping $500 million to the local economy. This year will be no exception. The Greater Miami Convention & Visitors Bureau reports a 90 percent hotel occupancy rate countywide, with hotels such as the SLS and James Royal Palm completely sold out, and average rates over $1,000 a night at the SLS.

Art Basel is a fantastic event for Miami, putting it on the map culturally and injecting a sizable amount of cash into the local economy. Amid the vast array of international artists showcasing their work, remember to give Miami artists their due praise; be sure to check out the following local talent this weekend, as highlighted by Modern Luxury Miami’s Arts & Power issue. This, of course, is just a taste of the wide array of talent that Miami has to offer.