When Art Basel was imported to Miami Beach from Switzerland in 2002, the annual visual arts fair raised the profile of Miami’s already thriving creative community. But now that Basel is booming, and has become a lucrative international feeding frenzy for collectors, some of the locals are feeling left behind. What’s next for them, and for Basel?

Word to all the haters: Art Basel rocked this year. A little softer perhaps, but rocked nonetheless. Maybe the fair has become somewhat of a corporate institution many rebel against; still, the opportunity to be seen here turns painters into artists and up-and-comers into legitimate stars. Not to mention what it brings to Miami Beach’s coffers and the pockets of middlemen. This year, there was an abundance of artworks to be experienced, some better than others. Events and parties accompanying Art Basel complimented the fair so well that participants didn’t seem to mind the intense pace, despite one collective hangover and general exhaustion. We did our best to keep up with the art-crazed stampede, and in the spirit of sharing, here's our “Five Coolest Things We Saw at Art Basel and Now You Know” list.

Word on the street, beach, the fairs and in hotel lobby banter was that Basel 2K8, as a whole, couldn’t hold a candle to last year’s event. Even so, hordes of New Yorkers made the airborne trek on Friday for the weekend wrap-up. As if Basel-goers needed to clock in more time at the Raleigh hotel, the venue hosted the Tommy Hilfiger & Vanity Fair gala to benefit Free Arts NYC. Regrettably, the soiree can be classified a poor man’s version of the Visionaire event of the previous night (no male models, no champagne fountain).

In addition to abundance of free champagne, nothing brought a bigger smile to our faces like Liu Bolin's "Red Hand" sculptures. In an environment, which often takes itself too seriously, this white fiberglass tri-sculpture was a breath of fresh air. “With so many Chinese artists, it takes a real talent to emerge out of a group,” said Patricia Ortiz Monasterio, owner of OMR, the gallery representing Bolin’s work. Although the figures represent different stages of disgrace, we felt giddy with delight. And there ain’t no shame in that.

If a diamond is girl’s best friend, than Cartier's Patiala necklace may very well be her soulmate. The necklace, executed for Maharajah of Patiala in 1928, contains 2,930 diamonds for a total weight of 962.25 carats. Part of the Cartier Dome collection at Art Basel, the Patiala necklace oozes diamonds, rubies, and an unrivaled wow factor. Penny-pinchers fret not: David Lynch’ seven minute “Diamonds. Gold and Dreams” presentation commissioned for the event will make you feel like a million bucks.

What do you do? I'm a filmmaker and a DJ. I like to surf and bang as well.

What are you planning on doing for Art Basel? Convention Center, Downtown, Murakami at Louis, Adult at the White Room, Kanye West at Florida Room.

A cluster of nearly nude baby-faced models holding one of twelve artist-designed pop-up books greeted guests entering the Krug champagne/Visionaire 55: Surprise party at the Raleigh Hotel. The celebrated boxed set of hardcover books includes designs by photog legends Steven Meisel, Mario Testino, and Steven Klein. I couldn’t help but marvel at Testino’s subject focus on male models -- how incredibly fitting.

We loved the name and we loved Ted Noten. The Dutch artist showed his collection during Design Miami, which included Super Bitch -- a Gucci bag attached to a gun sandwiched in acrylic. “A real gun,” added Noten, who, as per his business card, is honest. “Art or jewelry,” we asked. “Doesn’t matter, as long as a super bitch buys it.”

Recession schmession. At the Art Basel events in Miami, the champagne is still flowing like Fiji water. From the rumor that UBS would not tone down their annual dinner and gala -- even amid scandal speculation -- to the abundance of caviar on hors d'ouvre trays, it all smells like decadence to me. Cartier hosted a preview of “Diamonds, Gold and Dreams,” an approximately seven-minute film by David Lynch projected inside the Cartier Dome in the Miami Beach Botanical Gardens. The transfixing film features cascading diamonds and Cartier jewels on 180 degrees of ceiling projection with an equally mesmerizing score. It played once every hour, leaving partygoers hungry for more. The Dome, built specifically for this event and film, took two weeks to construct and will be disassembled directly after Basel.

What do you do? I’m the Director of Marketing & Events for Rokbar, which means I basically run all aspects of the venue. Mainly I try and provide a nightlife experience alternative to what most Miami clubs have to offer.

What are you planning on doing for Art Basel? I have four nights of parties I’m hosting at Rokbar, so I’m pretty busy with that. Check rokbarmiami.blogspot.com for the events. But some other events and places I will attend are O.H.W.O.W Gallery -- lots of great New York City artists and friends showing there. Wolfgang Roth & Partner Fine Art -- it’s a great new gallery just opened up in Miami, they’re exhibiting David LaChappelle photos. Art Positions -- always one of my must-sees on the beach between 22nd-23rd streets and Collins. N.A.D.A (New Art Dealers Alliance) -- I will definitely be stopping by to see them this year; last year we hosted the opening party together. Visionaire Party -- my favorite party every year!