Economic Woes for Major Art Basel Sponsor
James D. Price, Head of Wealth Management Advisor Group Americas, UBS
By Daedrian McNaughton
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 low profile. As with anything 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 affairs with executives and clients at various area restaurants throughout Miami Beach.
They remain steadfast in their support to the arts and will continue to hosts VIPs in their private lounge, within the Art Collectors Lounge. Although they have made drastic cutbacks, their name remains ubiquitous throughout the fair. They intend to stay committed to Art basel Miami Beach as they have recently extended their partnership. They are also very optimistic about the future of the fair.
Premier Guide Miami spoke with James D. Price, Head of Wealth Management Advisor Group Americas, UBS, on their relationship with Art Basel Miami Beach and their cutbacks.
PGM: How involved is UBS in Art Basel Miami Beach?
JDP: We have been apart 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.
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 3 sponsorship themes around the world. We do art, music and golf. Golf primarily in the US, but it’s also taking on a larger role in Asia. The most positive feedback we receive from our clients are 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, from an earning 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 try to remain steadfastly committed to art and the art world. We think it does matter to us that we give something back to the community, but it is also very very much akin to our clients segments. Our clients are global citizens who are 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, just not the big events that we are used to, and that we have done in the past. Not the big splash. We have tried to control that, and not be as broadbase in some of our purchases. We try to be narrow while still do the same things we do inside the fair. 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.