Art Basel Art Show Underway in Miami

Tete de Femme, the pencil Picasso drawing stolen from a San Francisco art gallery.

The Art Basel Miami Beach show is underway, and with the crowds of celebrities and extremely wealthy sipping champagne and investing in fine art, many vendors think the worst days of the recession might be behind them, at least in the art industry.

Traditionally one of the go-to fairs for art collectors and museum curators to enhance their collections, the fair - and entire fine art industry - had seen a downturn since the recession began. While the price of expensive artwork soared in the early 2000s, prices fell by about 25 percent in 2009, according to the Miami Herald.

Now back to just 9 percent off from the peak, vendors told the Miami Herald and other media outlets that there is a different feel this year, and people are more willing to entertain the idea of paying hundreds of thousands or millions for the right masterpiece.

The show has traditional pieces such as Picassos, but also is home to modern art installations, sculptures of all sizes and decorative furniture and pavilions.

One of the most buzzed about installations is titled "The Pig That Therefore I Am," by Korean artist Miru Kim. The artist is spending her days at the fair nude, inside a windowed pen with two pigs.

Art Basel Miami Beach runs until tomorrow at the Miami Beach Convention Center and is $40 for general admission. 

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