The owners of Art Miami, a leading contemporary and modern art fair, have acquired New York’s Downtown Fair for an undisclosed price. The inaugural Downtown Fair will be held from May 8 through May 11 at the 69th Regiment Armory in New York City at the same time as Frieze New York. So far, around 50 contemporary art dealers have signed on to participate in the show.

Art Miami Partner and Director, Nick Korniloff, will direct the first edition of the Downtown Fair along with a management staff comprised of experienced marketing and exhibitor services professionals. Korniloff released a statement saying, “"We will deliver a well-vetted show that features a quality roster of artists that are represented by important international galleries. The advisory committee of dealers will insure that galleries are making every effort to show quality works that are fresh to the market."