"Fatherhood the second time around is so great because I have learned from my past mistakes," Arquette told PEOPLE.

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David Arquette Art Basel

Seth Browarnik/Startraks

David Arquette is all about second chances.

Since welcoming son Charlie West in April, the actor-director and fiancée Christina McLarty are over the moon as new parents.

“Fatherhood the second time around is so great because I have learned from my past mistakes,” Arquette, 43, who is also dad to daughter Coco, 10, with ex-wife Courteney Cox, told PEOPLE during an Art Basel party Wednesday night in South Beach.

“Since Charlie has come into my life, I love Coco more than ever,” he adds. “Having a son has brought back memories and made me realize how much I miss enjoying her as a baby.”

Arquette, who is a fan of IWC Schaffhausen’s Portofino Midsize watch collection campaign, looked dapper in a dark suit during the dinner and party at W South Beach.

The busy actor — who believes he is better equipped to be a father now than he was in the earlier years — has tackled daddy duties with experience and renewed affection.

“I am older and more mature and can return to raising a baby more aware of the wonderful daily experiences,” Arquette explains. “Watching Charlie crawl is a milestone in my life.”

Smiling and happy, he tells PEOPLE there are so many memorable moments to being a dad that it is hard to pick just one.

“Having Charlie fall asleep on my chest is the best part of my day,” he says, “I love it. This whole experience has been amazing.”

— Linda Marx