One of the art world’s biggest events, Art Basel Miami Beach, begins on December 3 with a certain amount of nail-biting on the part of organisers and dealers, following the sudden recent downturn in the art market.

Art Basel Miami has transcended the clubby art world to become a social magnet for the monied and cultured – as well as those who just love a party – and a big marketing opportunity for luxury goods makers, with hundreds of dinners, product launches, panel discussions and general schmoozing taking place over the five days.