The highly reputable Frieze Art Fair (London, 14-17th October) closed on Saturday night amid reports of increased collector interest and purchases.  Numerous sales were reported by established and emerging galleries including a number above the US$1 million mark.  Last year the Fair suffered dramatically, opening exactly one month after the September collapse of Lehman Brothers.  This was in line with the concurrent 70-80% slump in volume of auction sales (Art Tactic - Sept 09).

Frieze is Europe's largest commercial event devoted to living artists and this is its seventh year of existence.  Apparently 28 galleries dropped out this year and a number of satellite events were closed.  However, this year the overriding message from the Galleries is that confidence is returning.  Interest is across the spectrum, both geographically and financially.  Buyers are taking more time and doing their homework before attending but they are more willing to commit to purchases this year.  Quality and appropriate pricing are the order of the day and the galleries have responded accordingly.