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Readers of this blog who want New York to get its own Art Basel — sorry. The Swiss company that owns the fair announced last week that it is shopping other towns, but they're in Asia. The art world’s next likely destination (a couple of years down the pike)? Art Basel Beijing.

That said, don’t book your plane tickets yet. This morning, UBS, chief sponsor of the fair — whose huge dinner tent on the beach was temporarily shut down by the Miami Beach fire marshal last week for overcrowding — announced a quarterly write-off related to mortgage loans gone bad. The loss: $10 billion. —Alexandra Peers