Amid speculation about its financial health, Art Basel Miami Beach has announced that its main sponsor, Swiss investment bank UBS, has signed up for a multi-year renewal of its patronage.

The news came at a press conference today preceding the opening of the seventh edition of the fair, which is a spin-off of Art Basel in Switerland and runs December 4–7.

Fair organizers also announced that they have booked another three years at the Miami Beach Convention Center. It had been rumored that they might leave the venue for one in Los Angeles.