Economic Woes for Major Art Basel Sponsor: James D. Price, UBS

UBS has been the main sponsor of Art Basel Miami Beach since its launch in 2002. Premier Guide Miami sat down to find out what that means — and what comes next.

UBS, one of the world's leading financial firms, has partnered with Art Basel Miami Beach since 2002. Over the years they have played a significant role as main sponsor to the fair. However, this year they will maintain a lower profile. As with everything else in the economy, they too have been affected and have made significant adjustments in the way they do business. The lavish parties and extravagant affairs will be downsized to intimate dinners with executives and clients at various area restaurants throughout Miami Beach.

They remain steadfast in their support of the arts and will continue to host VIPs in their private Art Collectors Lounge. Although they have made drastic cutbacks, their name remains ubiquitous throughout the fair. They have recently extended their partnership and are optimistic about the future of the event.

PGM: How involved is UBS in Art Basel Miami Beach?

JDP: We have been a part of Art Basel Miami Beach for the past 8 years. Since this event has been launched we have been the main sponsor, and we have done it for 16 years globally.

PGM: Has your involvement in Art Basel Miami Beach been a rewarding one?

JDP: We get the best feedback from our clients from this event out of anything we do. We have three sponsorship themes around the world — art, music, and golf. The most positive feedback we receive from our clients comes from this particular event. Our financial advisors and clients are happy about coming to Art Basel, the things that UBS has done for them, including access to our lounge and tickets to the events. Every year that we have done it, it has been the most significant event. We get the highest marks on this particular event.

PGM: What were some of the challenges you faced with setting up for this year's fair?

JDP: Economically, both from a shareholders standpoint and an earnings standpoint. In a declining economy you have to be mindful of how much money you spend. In the end, it is the shareholders' money, and they want to know what you do with it and that it is spent wisely. With all the chaos around Wall Street this year, how do you actually remain responsible? We try to balance the two, while at the same time remaining steadfastly committed to art and the art world. We think it does matter that we give something back to the community — and it is very much akin to our clients, who are global citizens into the art world, and they appreciate it very much.

PGM: What are some of the cutbacks you have made for this year's fair?

JDP: We are doing less of the big dinners outside of the event. We are not going to do the big dinners under the tent at the Delano this year, but we are doing more intimate dinners on the executive side. We have invited our clients to various restaurants around the Miami Beach area. We are still doing it from a client-gathering standpoint, just not the big events that we are used to. Not the big splash. We have tried to control that, and not be as broad-based in some of our purchases. Our lounge is the same size it has always been. We are still committed to the fair. We have made no cutbacks on the fair itself.

PGM: Do you plan to do this next year?

JDP: Yes, we have made a multi-year commitment. We have extended our partnership with Art Basel Miami Beach, and we will be here next year.

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