Following the news last week that they had gotten into a partnership with W Hotels, Design Miami/Basel had another statement to put out, this one decidedly more melancholy. Ambra Medda, the renowned art fair’s co-founder and director, has announced that she will be stepping down as of June 1st. Having started the fair at the height of the last art boom, Medda has grown the annual two city endeavors into some of the most important shows to both be at and be seen at, particularly those in the upper echelon of the art world (despite falling attendance and dealer numbers during the great money purges of 2008 and 2009). Artnet reports that the hunt for a new director will begin immediately and that Medda’s current plan is to make New York her new workplace.