CHICAGO—On the morning of April 26, less than 48 hours before the opening night party, Art Chicago’s woes were making front-page news in the Windy City.

“Art Show Fiasco” blared the Chicago Sun-Times. The Tribune’s story was not as sensational but just as scathing, detailing fair organizer Thomas Blackman’s financial missteps, union problems—and the possibility of the show not only being moved from its scheduled location in Grant Park but canceled altogether.

Even Mayor Daley weighed in, expressing frustration and disappointment that Chicago’s longest running and most prestigious contemporary art fair was in total disarray.

But in a stunning and arguably heroic save, the owners of the Merchandise Mart, which houses Chicago’s design and furniture showrooms and bills itself as the world’s largest commercial building, stepped in at the 11th hour, acquired the rights to Art Chicago from Blackman and set up a world-class exhibition on the building’s eighth floor, directly across from the ninth annual Chicago Antiques Fair.

The results amazed the more than 100 dealers from around the world who had been committed to the show for months. “How the Merchandise Mart team made the art fair happen is nothing less than astonishing,” said Luis Burgos from Luis Burgos Arte del Siglo XX in Madrid.

Not that it was easy. Dealers were let into the Mart space at 1 am on the morning of April 27 for set up and installation for the three-day event. “It was one of the hardest days I can remember,” said Ann Nathan of Ann Nathan Gallery in Chicago. “We came into an unstructured space while walls were still being put up and painted. On the other hand, I am very grateful to be here.”

Nathan’s sentiment was echoed almost unanimously. Once the roller coaster of “will it happen at all?” stopped, and the fatigue of pulling an all-nighter abated, dealers expressed appreciation for the Mart’s professionalism and were pleased with the camaraderie that developed with the other gallery owners as they helped each other pull together. Many also voiced a marked preference for the Merchandise Mart exhibition space over the previous venues at Grant Park and Navy Pier.

Several galleries did drop out, however, one because the low ceilings of the venue couldn’t accommodate the size of its artworks—the most common complaint among exhibiters.

But even that issue had a silver lining, said Chris Watson from the Nancy Hoffman Gallery in New York. “Several clients have told me that they really liked the environment because the lower ceilings allow them to better envision the art in their homes.”

Either in spite of or because of the controversy, the fair drew a healthy crowd, with attendance helped, said Mark Falanga, senior vice president of Merchandise Mart Properties Inc. (MMPI), the show’s new owner, by crossover from the antiques show (two-shows-for-one tickets were offered to attendees).

Even after all the drama, the prime focus remained on the art. Interest was high in the Mary Borgman pieces at the Ann Nathan Gallery, the Patrick Hughes oils at London’s Flowers gallery, the Henry Darger collages at the Carl Hammer Gallery and the works by Hung Liu at Nancy Hoffman.

Galleries Maurice Sternberg from Chicago reported excellent sales, including Niels Strobek’s The Old Barn for $175,000 and Opera Glasses for $80,000. And Aldo Castillo of the Aldo Castillo gallery reported selling a sculpture by the prominent Cuban artist Manuel Mendive to the Museum of Latin American Art in Long Beach, Calif.

Although many of the galleries that participated at the fair have been with the show since its inception 14 years ago, there was a noticeable shift in the international make-up of the exhibitors, as more European galleries opted out and new Korean ones arrived in their place.

In fact, the Korean Pavilion attracted constant crowds. “There’s an enormous amount of attention right now on Korean and Chinese artists in the Western market,” said Sun Choe, from the Korea Print Art Promotion Committee.

Her impression of the fair? “Better than last year because there are fewer big name artists and more up-and-coming artists being shown.”