The suspect, identified as a 24-year-old student from New York City named Siyuan Zhao, has since been arrested and charged with a felony to attempt murder, the Herald reports.
A police report of Zhao's arrest stated that she shouted "I had to kill her and two more" and "I had to watch her bleed" as she was being detained.
Art Basel issued a statement Friday night, saying that the victim, who has now been identified as 33-year-old Shin Seo Young, was immediately taken to the hospital and did not sustain any life-threatening injuries.
Nearby patrons of Art Basel initially thought the incident was a work of performance art, given the area in which it took place.
They saw that police had blocked off a section of the gallery and thought they were making room for an installation.
One of the artists featured at Art Basel, Naomi Fisher, told the Herald that shortly after the incident, "A guy walked up to me and said, 'I thought I saw a performance, and I thought it was fake blood, but it was real blood.'"
BuzzFeed News has reached out to the Miami Beach Police department for more information.