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China Soon World's Biggest Art Market. Still Partying's An Art At Tenth Art Basel Miami

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Dec 1 Art Basel Miami Beach kicks off, the tenth edition of the ebullient American twin to Art Basel Switzerland and the most prestigious modern art show in the Americas.

Over three days, 260 leading galleries from North America, Europe, Latin America, Asia and Africa will colonise the Florida city, bringing with them the work of over two thousand 20th and 21st century artists.

These are strange times indeed for art. The axis of the world market is shifting faster than a Montmartre portrait artist can knock up a tourist's likeness, with China is on course to overtake the USA to become the largest art commerce market in the world. (It overtook second-place Great Britain in March of this year). Indeed, China's emergence is credited with the reviving the fortunes of auction houses Southeby's and Christie's, with Christie's attributing a $1.9 billion 2010 profit surge to the Chinese appetites for modern art and fine wine.

At a recent lecture at the LSE in London, market editor of The Art Newspaper Melanie Gerlis illustrated this new art world order with a description of the recent auction of a painting by Dutch artist Lawrence Alma Tadema, a long-forgotten Victorian favourite. The painting came up for auction in New York with three very active bidders: one from Russia, one from China and one from the Middle East. In the end China won out, coughing up $35.9 million for the flamboyant biblical tableau, The Finding of Moses.

But if the writing's on the gallery wall for the Euro and American art markets, you'd never know it from this year's Basel Miami.

Amongst the lavish parties come the now-regular team-ups with fashion brands. On Dec 2 high-end store The Webster (which stocks labels such as Balmain and Balenciaga with curatorial panache in a former art deco hotel) teams up with DSQUARED² and fashion magazine VMAN to throw a lavish dinner party. On the same day, Scottish brand Pringle are launching their latest collection with a cocktail party and Tilda Swinton as host; and FENDI Casa offer a preview of their Line 13 featuring beats by Dr Dre an installation by Nick Cave.

New for this year – and a guaranteed hedonism hotspot – is the Shelborne Hotel. From Keith Menin, the owner of Bentley and Sanctuary South Beach, this hotel revamp works Miami's famous art deco curves in its sought-for 'sexy retro ambience' (and, happily, keeps the hotel's legendary 1940s diving board). Mine's a gin sour beneath a shading palm.

After all that partying and lounger-work, you'll need eats. Opening just in time for Basel, beg for a booking at The Dutch at the W South Beach. The latest project from New York restaurateurs Chef Andrew Carmellini, Josh Pickard and Luke Ostrom continues in the roots-inspired theme of The Dutch NYC in dishes such as papardelle with lamb raghu, sheep's ricotta and mint and blue-crab pizza with zucchini and jalapeño. the setting – from Meyer Davis Studio – is a very now: NYC meets Miami beach with light oak and white brickwork and driftwood beams.