NEW YORK, NY.- The ownership group of Art Miami confirmed that it has acquired the Downtown Fair for an undisclosed price. The previous fair organizer will not have any involvement or interest in the new fair.

The inaugural Downtown Fair will take place May 8-11th during Frieze Week in New York. The Fair will be held at the historic 69th Regiment Armory, a 30,000 square foot venue at Lexington Avenue and 25th Street, in the heart of the Flatiron District. Approximately 50 international high caliber contemporary art dealers from around the world will exhibit. The Fair will open with an invitation only VIP Private Preview on May 8th to benefit a charity to be announced in the coming weeks.

Art Miami Partner and Director Nick Korniloff will direct the first edition along with a seasoned Marketing, Exhibitor Services and Operation staff that will manage The Downtown Fair.

"The Art Miami ownership team recognized the overwhelming requests from its collectors and exhibitors for us to produce another quality show in New York during Frieze Week and the Spring Auction previews," said Nick Korniloff Fair Director and Partner of The Downtown Fair. "We are an extremely experienced and connected organization that knows what it takes to launch and manage an art fair."

Since acquiring Art Miami in 2009 Art Miami ownership group has launched four new fairs, acquired one and always had a vision for New York.

"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," said Korniloff.