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Director and founder of the new fair, Korniloff says the event will definitely go ahead from February 2 to 12, 2012 rather than the scheduled February 3 to 13 next year in the burgeoning Midtown Miami Arts District.

He said the decision to postpone the fair is based on needing additional time to allow some of the distractions and realities within the fine art market to cure. Basically, Mr Korniloff and his partners in organising company Art Miami LLC feel the international market is sleepy at present and market conditions are not ideal for the launch of any major new event.

"I am in this business to please my customers and the time is just not right. This is a sleepy marketplace and we have made a mature decision," he told ATG.

The organiser still envisages an A-list fair of some 65-70 international dealers and will keep in close touch with those he has signed up and others. Some impressive names have signed for the new Florida fair, among them Tomasso Brothers, Steinitz, Phoenix Ancient Art and Galerie Dumonteil. All have confirmed they are happy to wait a year for market conditions more conducive to a grand launch.

Finally Nick Korniloff emphasised: "We have definitely postponed, not cancelled and are committed to coming back in 2012."

By David Moss