NEW YORK—Although uncertainty has been the theme of art fairs for some time now, an enthusiastic crowd was gathered today at the entrance to the Pulse art fair for the VIP preview at 10 a.m. Now in its fourth year, Pulse New York is described by director Helen Allen as “the city’s largest art fair dedicated entirely to contemporary art,” since the Armory has added a modern section — a description that may be accurate, if a bit misleading. Compared to the somewhat cramped Scope fair, however, which opened yesterday, Pulse certainly feels large, with deep booths that allow more breathing room and time to reflect on the work.

“I’ve become cautiously optimistic,” said Allen, when asked about the economy and the state of the art market. “We’re in uncharted territory for the under-40 set. The galleries have adjusted their expectations. A dialogue has opened up between galleries and collectors, and there is a return to connoisseurship.” Allen admitted that some non–New York galleries had pulled out of the fair, deciding that it was not cost-effective to travel the long distance, but added, “Where else would you see 3,000 people by the end of the day? You are getting in front of the right curators, collectors, and journalists. It’s an opportunity to get people engaged.”

And engagement there was, with notable sales taking place at the preview. Mark Moore Gallery from Santa Monica, California, had a hell of a morning: Within the first four hours, it sold 12 of 16 paintings by Los Angeles–based Allison Schulnik, which were priced between $2,500 and $25,000. “We wanted to have maximum impact, so we mounted a solo presentation,” said the gallerist. “Allison has gotten a lot of attention over the past three years.” Among those that went were Big Wooly Monkey Head (2008), which sold for $14,500 to a New York collector; Three Girls (2009), which went to a Canadian collector for $16,000; and Flowers for Long Hair Hobo #3 (2008), which went to a Panamanian collector for $6,000. Moore, who did the first Pulse in 2005 in Miami after trying Nada, finds Pulse a better fit for his gallery and likes how the fair is run. Despite the huge success today, however, he said that the “lack of frenzy is refreshing” and mentioned that collectors appreciate having greater access to artwork now that the unprecedented sales boom has passed. 

Others galleries making sales in the early hours of the fair, albeit on a smaller scale, were two of Pulse’s more alternative offerings. The Sienese Shredder is an annual journal printed in New York that incorporates art, design, literature, poetry, and music. Their booth featured art and design objects gathered from the first three issues, as well as the fourth, which is forthcoming, including an Eva Zeisel hand-blown glass piece from 1999 in an edition of 6, which sold for $1,100. The dealers had also spotted collector Beth Rudin De Woody in their booth, who purchased a Chuck Webster portfolio last year. Their least expensive works on offer were Brice Brown’s enamel on C-print paintings for $800, while at the opposite end of the spectrum, Joseph Cornell’s Carrousel (1950) was priced at $140,000. The mixed-media collage on wood by Cornell is an original composition for a MoMA Christmas card printed two years later.

Another unusual booth was the small corner presentation by Invisible-Exports showcasing their Artist of the Month Club subscription print service. Every month, the New York–based gallery asks a different curator to select an artist to create an original work, which is turned into a print in an edition of 50. These are then sent out to subscribers for $200 a month. There is a bit of faith involved in the project, since those who sign up don’t know in advance who the selected artists will be, but after seeing the first few prints, joining would seem to be a no-brainer. They had already signed-up three collectors by the time ARTINFO stopped by, and more than half of the subscriptions for this year have already been sold. The first work in the series, William Powhida’s Post-Boom Odds (2008), outlines the chances of “hot” artists actually mattering in 10 years. Dash Snow is listed as a long shot at 50-1, in part because of his “polaroid of a hipster snorting a line off cock.”