Summarize this content to 2000 words in 6 paragraphs in Arabic The first time I met Jesse Lee was in a Japanese restaurant in Paris in October 2023. In the middle of lunch, the fresh-faced American in a baseball hat announced that he had acquired Design Miami, the fair founded in 2005 by the Miami real estate entrepreneur Craig Robins. \u201cGen Z and millennials are increasingly interested in this sector,\u201d he said at the time. \u201cPreviously, people were posting selfies of themselves in the mirror, now they\u2019re posting the mirror. Fashion used to matter more, but now people are working at home in sweats and they care more about the chair they\u2019re sitting in.\u201dAccording to Lee, fashion \u2014 by which he means the high-end, fancy-label variety \u2014 is in a lull (in October, LVMH shares dropped 7 per cent), with savvy, young, cash-rich customers preferring their Chanel or Vuitton to be exceptional and vintage. Design, he says, is the new luxury. \u201cOwning a Dune sofa is more of a status symbol,\u201d he asserts, referring to the modular topological landscape designed by Pierre Paulin in 1970, now re-editioned by Paulin\u2019s son, Benjamin.\u00a0Lee\u2019s opinions are based on more than anecdote. He is the founder of Basic.Space, an invitation-only website (buyers and sellers apply through the app, and have included celebrity interior designer Kelly Wearstler and the late Virgil Abloh) that offers up design, fashion and art. \u201cBasic.Space is very focused,\u201d he says, \u201c80 per cent of the customers are based in New York and Los Angeles, and that way we spot trends early. They are the 1 per cent of that generation [Gen Z to millennial] and we take that data. That\u2019s how we build up our information.\u201d\u00a0A visit to the Basic.Space website, where the design category begins with a $50 Shrek mask and shiny brass candleholders, doesn\u2019t make the connection with Design Miami very clear, though further scrolling does lead to more serious fare. A limited-edition circular table in concrete and bronze by Angeleno designer James De Wulf retails at $39,500.\u00a0The fair, which has editions in Miami and Basel that coincide with contemporary art behemoth that is Art Basel and share its elevated collector base, specialises in collectible design from the 20th to 21st centuries at sometimes stratospheric figures. In Paris this October, where the fair is now in its second year, a 1946 Jean Prouv\u00e9 prefabricated house sold for over \u20ac1mn at Francois Laffanour\u2019s Downtown Gallery. A rare Palladio cabinet by the Italian designer Gaetano Pesce \u2014 a prototype made in 2007 \u2014 reportedly made something in the region of \u20ac150,000\u2013\u00a3180,000 for Salon 94, a gallery based in New York.Equally Lee, in his baggy Acne trousers and vintage\u00a0Vetements sweatshirt, doesn\u2019t seem like an instant fit in a world where if trainers are worn, they are paired with finely cut suits. But one year on from his acquisition, he says: \u201cMy overall vision remains the same, to expand Design Miami as a business, and broaden the ecosystem.\u201d By this he means to make stronger connections with other sectors, particularly fashion. \u201cIt would be good to expand on some of the fashion relationships which have come in organically over the years, such as the one with Bottega Veneta,\u201d says Design Miami\u2019s CEO of 10 years, Jen Roberts. \u201cIn Miami, they will be showing the Zanotta animal beanbag chairs that they used in the recent catwalk show.\u201d (Lulls apart, then, fashion still seems to have a particular allure.)Fashion used to matter more, but now people are working at home in sweats and they care more about the chair they\u2019re sitting inLee grew up in Chicago \u2014 his parents had moved there from South Korea to study \u2014 and took a degree at its university in political science. \u201cThe real lesson I learnt there was being entrepreneurial,\u201d he says. \u201cI used to DJ and throw club nights, playing jungle and drum and bass.\u201d He moved to Los Angeles after graduating in 2004, working on magazines and in marketing agencies, before setting up his own creative agency in 2008. \u201cMy parents said I should get another job and try to learn more, but I thought I should get going in my 20s when I had no responsibilities,\u201d he says. (He is now the father of three children \u2014 aged nine, seven and 18 months \u2014 with his partner Erica.)Lee\u2019s talent was for matchmaking brands to cool experiences and compelling names in the music industry like FKA Twigs. \u201cWe worked with Nike and Gucci to reach younger audiences. We produced Coachella after-parties, when Coachella was still cool,\u201d he says. \u201cWe were really doing influencer marketing before it was called that.\u201d His Grammy after-parties have included one for Mark Ronson and Jamie xx at the Lautner-designed Goldstein house in Los Angeles. (The name Basic.Space comes from a crisp and chilly boy-girl duet on the first xx album. The band\u2019s manager, Caius Pawson, son of British architect John Pawson, is also a good friend.)\u00a0\u00a0Lee\u2019s agency, was called dFm, or Dub Frequency Media, a title with more vibe than meaning. It is now the name of the holding company which owns Design Miami, as well as Basic.Space, Period Correct (a fashion and vintage car company) and Aquatic Leisure Center (a specialist in funky baseball hats). It has clearly been successful enough for him to pursue these further ventures. Home is in Hancock Park in Los Angeles, where the houses are old and highly desirable. Holidays are taken in Hawaii. Lee declines to state his age \u2014 perhaps understandable for someone whose key currency is his connection to an ineffable youth zeitgeist \u2014 but must be in his early 40s.\u00a0\u00a0It is the dFm idea of experience that Lee wants to bring to Design Miami \u2014 what he calls the subtle touches, like staging its first Los Angeles edition in a lavish 1930s Hollywood party house, and engaging Sqirl, the hip Silver Lake caf\u00e9, as caterers. \u201cWe brought the East side to Beverly Hills. That\u2019s what people will remember. Fairs can get caught up with being too transactional,\u201d he says.The dealers who can now spend around \u00a390,000 presenting a booth at a fair might not want to hear that last statement. At Design Miami in December, these will include the London-based specialist in mid-20th Century Brazilian design Luiz Kessler \u2014 a young dealer coming to Miami for the first time \u2014 who is showing rare furniture pieces by Lina Bo Bardi. But Lee is learning on the job. Like other design fairs \u2014 the upmarket Nomad, a peripatetic outfit that flits between Capri and St Moritz; or the French Pavilion of Art and Design which is heading to St Tropez next summer \u2014 Lee is also talking about following the money. \u201cAspen is a possible location,\u201d he says. \u201cOr the south of France. And of course Seoul. Because we need to go where the collectors want to go.\u201dBut before that, he is on his way to Amsterdam, for a gala dinner at the Stedelijk Museum. \u201cIt\u2019s a black tie event,\u201d he tells me. \u201cI\u2019m going to be wearing a tuxedo, and I won\u2019t be wearing a hat.\u201d Lee, it seems, is very much on his way.\u00a0Design Miami, December 3\u20138, 2024Find out about our latest stories first \u2014 follow FTWeekend on Instagram and X, and subscribe to our podcast Life and Art wherever you listen<\/p>\n","protected":false},"excerpt":{"rendered":"
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