Sad news, guys. One of our favorite art shows during Art Basel is a no-go this year. A month shy of their press preview on November 30, Photo Miami has announced that the art fair has been canceled. Last year, we swooned over their "A Year of Magical Thinking," and this year promised to be just as good.

Titled "The Lyrical and the Profane," the fifth annual Photo Miami was to take place December 1 through 5 and feature innovative photographers such as Penelope Umbrico, Fernando Montiel, Geraldo Montiel Klint, and Els Vanden Meersch. It was slated to show images "that transgress and transcends, and the nexus of art and fashion." And now, it is no more.  Bah. Where are we going to get our photo fix? Read on to find out why they canceled and which Art Basel satellite fairs are still standing.

Here's the official statement:

Fotomarkt was unsuccessful in its bid to secure additional financing for the Fair. While the company had explored financing from other sources, it could not secure adequate funding within the timeframe requisite for producing a fair of the quality that the exhibitors, partners and visitors had come to expect.

Luckily, there are 10 other satellite fairs to distract you from this bad news:

ART ASIA (Miami)
December 1 - 5, 2010

Art Miami
December 1 - 5, 2010

DesignMiami/
December 1 - 4, 2010

Fountain Fair

Dec 2 - 5, 2010

INK Miami Art Fair (Miami)
December 1 - 5, 2010

NADA Art Fair - Miami Beach 2010
December 2 - 5, 2010

PULSE Miami
December 2 - 5, 2010

Red Dot Miami
December 2 - 5, 2010

Scope Miami
December 2 - 6, 2010

Verge Art Fair
December 2 - 5, 2010

• Art Basel Miami Beach