Courtesy Greene Naftali

Greene Naftali sold Bjarne Melgaard's "Untitled" (2008) for $50,000.

Courtesy Arndt & Partner

Erik Bulatov’s "Le conte Allemand/Das deutsche Märchen" (German fairy tale) (1998/2001/2002) was on reserve for €120,000 at Arndt & Partner's booth.

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A SOFT LANDING AT FRIEZE?

Sales picked up as buyers relaxed.

Shirazeh Houshiary Anish Kapoor Mike Kelley Franz West Erik Bulatov Mark Grotjahn Richard Hamilton Rachel Harrison

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Arndt had sold two paintings by the Mumbai-based sensation Jitish Kallat, Universal Recipient I and Universal Recipient 2, both from 2008, in the $100–200,000 range, and two 2008 multimedia works by Reena Saini Kallat (Jitish’s wife), both titled Synonym and priced in the $50,000 range.

The buyers were Swiss, British, and Asia-based, according to Arndt.

Another collector had a reserve on prominent Russian painter Erik Bulatov’s Le conte Allemand / Das deutsche Märchen (German fairy tale) from 1998/2001/2002, priced at €120,000.

All in all, dealers had noticeably lowered their expectations for this year's fair.

“For us, its been really successful,” says Chelsea dealer Carol Greene of Greene Naftali, “but I didn’t have high expectations.”

“There’s less activity and just not as many people,” noted Greene, who has participated in every Frieze fair since the 2003 debut. “There are fewer collectors here than normal, but the ones who are here seem to be buying.”

The dealer reported a number of early sales, including New York–based duo Guyton/Walker’s Coconut Chandelier from 2008, comprised of 46 polystyrene coconuts, light bulbs, and electrical wiring, for $24,000, and the wildly expressive and thickly impastoed canvas Untitled by the Norwegian painter Bjarne Melgaard, also from 2008, for $50,000.

“They call him the new Munch,” marveled Greene.

The dealer also sold Rachel Harrison’s totemic, mixed-media sculpture with microphone and stand, American Idol, for approximately $90,000.

“I think it’s a great fair,” gushed Robert Tuttle, the U.S. Ambassador to Great Britain, standing outside the Greene Naftali stand. “We come every year, and this is a great gallery. My daughter (Alex) is the director.”

Such optimistic statements aside, taking the early pulse at Frieze this year was a bit like reading tea leaves swirling around in a fog machine or betting on how many hundreds of points the Dow Jones would fall.

“My big client is back in New York, protecting his assets,” said New York–based private art adviser Heidi Lee. “Collectors are too busy to take the time off. Personally, I’m waiting for prices to go down, but they’re still holding tight.”

Lee sounded pleased by the warmer reception she had received from some dealers. “They’re a lot friendlier, running up to me to get my card.”

Judd Tully is Editor at Large of Art+Auction.