NEW YORK—Citing the "present global economic situation," organizers of the annual International Asian Art Fair in New York have announced that the 2009 event, scheduled for March 11–15 at the Park Avenue Armory, has been canceled.

"Many of the dealers who had contracted to take part are not in a position to go forward in the current climate," organizer Haughton International Fairs said on its Web site, "and as such we have decided a fair would put an untenable strain on their resources."

"We hope to be able to re-launch the fair in 2010 and look forward to working with our exhibitors again," the statement said.