If established artists are getting pricey, the fair’s Best of Discovery section, which was comprised of works chosen by a set of curators and installed in a vast, open hall, proved true to its name as a place to spot new — and more affordable — talent. One highlight was a single-channel video by Taiwanese-born, Berlin-based artist Effie Wu, picked by Taipei-based independent curator Sean Wu and represented by Connoisseur Art Gallery of Hong Kong, which sold relatively quickly. The piece picked up on an expression that well-known Chinese painter Yue Minjun has made the central motif of his work: the smile. Wu’s video, entitled Super Smile and one of an edition of 6, depicts the artist walking around her apartment, engaged in quotidian activities such as brushing her teeth, all the while staring at the camera wearing a frozen, manic-looking grin.

New York dealer Max Protetch has been working with Chinese artists since the mid-1990s. “Now I’m discovering a new generation,” he said. “Chinese art is like an onion you never get done peeling.” He praised the fair for being “more professional” this year. Last year, he reported, he had run-ins with runners, people who claim to be buying artworks for themselves but actually plan to swiftly resell them. “This year,” he said, “no runners. And serious interest from China and elsewhere.” He made a number of sales — in one day parting with an artwork for $20,000 and another for $95,000. “We brought mix of Chinese and Western art. That was a good choice, as it turns out.”

Protetch, who has degrees in economics and political science, reflected on the importance of this market. “One thing that is saving us is the East, not the U.S. economy.”

Although the results from this fair were uneven, that statement may well turn out to be true. Art fairs are popping up around Asia, and in the coming years dealers will be making choices about which ones are most successful. Director Lorenzo Rudolf remains upbeat about Shcontemporary's potential. “You have to make people curious about Asia,” he said. “It goes step by step. Rome wasn't built in a day.”

Sarah Douglas is Staff Writer at Art+Auction. She blogs at "The Appraisal."