Art Basel Miami Beach officially kicked off Wednesday. From paintings to sculptures, Art Basel is a cultural oasis.

On the 11th anniversary, 257 art galleries across the world set up shop to display works from more than 4,000 artists. Events are being held in Miami Beach and Miami's Wynwood and Design District neighborhoods.

"We have fairs going on, artists coming from all over the world," said Miami Beach Mayor Mattie Bower.

"It's really become a festival, not a fair. It's a festival of the artists," said Art Basel Chair Norman Braman.

At the Miami Beach Convention Center, VIPs checked out hundreds of sculptures and paintings Wednesday.

P. Diddy bought the painting below for $15,000.

Art Basel also means an economic boost for area hotels and restaurants.

"It's wonderful. It's grown so much and the impact in economics is fantastic," said Bower.

"It's huge. Very, very big. It's very exciting. A lot of things to see," said artist Tatiana Bliss, who was making her first appearance at Art Basel Miami Beach.

Exhibits off Miami Beach

Off of Miami Beach, Art Basel is happening in Miami's Wynwood and Design District neighborhoods.

VIDEO: Satellite art fairs expand Art Basel's reach

Tally Back, who is displaying at Art Asia, said she sold one piece in 10 minutes.

"When people are sort of grabby at the very beginning, there's gonna be a lot of activity at the fair," said Beck.

Art Basel lasts through the 9th.

Click here for gallery and ticket information.