Mixed reports are coming out of New York as the Armory Show and its 11 satellite fairs get under way this weekend.  Several heavy-weight galleries, such as Gagosian and Barbara Gladstone, have declined to attend for a second year running.  But this has given smaller galleries the opportunity to make the move into the main arena.  Apparently many significant American and European collectors and glitterati have been sighted but gallery owners are mixed in their reports of sales performance to date. 

One trend appears to be greater interest in 'historical' works such as Anish Kapoor's Void 1991 which apparently sold for GBP500,000.  And Damien Hirst is not as much on the nose as some would like to suggest with the sale of Skull with Glass of Water, 2007, from his most recent and highly criticised painting series selling for GBP3.1million. 

But is this a return to the heady days of the past?  "We'll let you know" appears to be the resounding reply.