Art Basel is more than just an art show, it's an economic powerhouse, generating an estimated $500 million in local impact.

Lucy Sparrow is a U.K.-based artist known for her work recreating every day items out of felt fabric with little smiley faces. At last year’s Scope Art Show in Miami Beach, Sparrow turned her booth into an entirely felt—and adorable—delicatessen and bagel shop.

Miami Art Week is officially underway as some of the major fairs are now open to the public. Behind the scenes: We got a sneak peek at Art Miami during yesterday's VIP preview. Here's some of what we saw: "Cream Beatle Sphere" by Ichwan Noor This large illusion sculpture looks like a Volkswagen Beatle rolled into a ball.