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MIAMI BEACH (CBSMiami) — World-renowned show Art Basel is penning an agreement with Miami Beach to stay for the next couple of years.

Since 2002, the art show has brought in millions of dollars to the economy and had hundreds of thousands of people traveling from around the world to see the show.

As part of the agreement, the show will be held in Miami Beach for five years starting from 2019. The deal will be signed next Thursday at City Hall.

“This agreement is comparable to locking in the Super Bowl for five years, said Miami Beach Mayor Philip Levine.  “Economists estimate $400 to $500 million in related economic impact as a result of this contemporary art fair convening artists, galleries, collectors, museum groups and others individuals interested in top-notch art from around the world.”

South Floridians and those flocking to the sunshine state, can get their dose of art this week with the world-renowned Art Basel Miami Beach. (Courtesy: Art Basel)

The deal will allow Art Basel to have exclusive use of the entire Miami Beach Convention Center which includes their new 60,000 square foot multi-level ballroom, meeting spaces and the historic Carl Fisher Club House.

“We are delighted to extend our longstanding relationship with the City of Miami Beach and look forward to hosting Art Basel in the newly renovated, state-of-the art Convention Center for many years to come,” added Noah Horowitz, Director Americas for Art Basel.

This December marks the 16th edition of the event in Miami Beach, something Art Basel leaders noted when mentioning the deal.

“Since our inaugural edition in 2002, the City’s unwavering support has helped make our show in Miami Beach what it is today: a global event and the leading art fair of the Americas, attracting an international audience of 77,000 from across the world each year,” said Horowitz.

Art Basel Miami Beach will open to the public on Thursday, December 7th starting at 3 p.m.