Great Time-lapse video (2min 41sec) from the 2006 Albuquerque International Balloon Fiesta. From a small gathering of 13 balloons in 1972, the Albuquerque International Balloon Fiesta has grown to become hands-down the largest balloon event in the world. Held each year during the first week in October, the Balloon Fiesta hosts hundreds of balloons and over 1,000 pilots. The first gathering of 13 balloons in 1972 was held in the parking lot of Coronado Center in uptown Albuquerque. The following year, 13 countries took part in the "First World Hot Air Balloon Championships," held at the New Mexico State Fairgrounds.