These are strange times in the contemporary art market. At the latest wave of auctions in New York, the three big houses made their estimates, though they were so drastically reduced from the heady numbers of past years that failing to do so would have been disastrous for the industry’s confidence. (There is, after all, little glory in leaping self-made hurdles.) Still, the sale of a choice Andy Warhol painting for $43 million to an anonymous bidder showed that some big players, at least, have returned and are ready to buy.

Has the market recovered? That seems to depend on whom one asks — and who else appears to be standing nearby listening. Gallerists were suspiciously quick to declare victory from the opening moments of Frieze, FIAC, and Art Abu Dhabi, though most agreed that the manic buzz of previous editions was absent. But now a real test has arrived. From Dec. 3 to 6, 266 galleries from 33 countries will set up shop for the eighth Art Basel Miami Beach, the premier contemporary art fair in the U.S., and the industry will have another chance to assess its health.

Art Basel Miami Beach organizers have increased exhibition space by 20 percent and welcomed 65 new exhibitors into the convention center’s hallowed halls, and many of the companies that stayed home last year as the economy cratered have also returned to the Florida coast, ready to host parties, albeit on a more modest scale. Put plainly, there is plenty of art to see and more than enough distractions to tempt even the most art-devoted collector.

To simplify your visit, the editors at ARTINFO have assembled a selection of pieces that they think may be worth an in-person visit and, perhaps, your cash, and as the market works to determine its strength, ARTINFO’s team of reporters will be providing updates straight from the fair’s air-conditioned (and hopefully action-packed) booths.

Click the photo gallery for a preview of what will be on display at Art Basel Miami Beach 2009.