The second edition of the world’s first online-only art fair is in its final stretch, closing at the end of the day on February 8. Technical glitches, as you’ve probably heard, are nearly nonexistent — a great improvement on last year’s edition, during which the Web site crashed under the pressure of too much traffic. But as storefront galleries all over the world will tell you, traffic doesn’t equal sales. And while the VIP Art Fair may have won a lot of eyes during its five-day run, it didn’t earn anywhere near as many dollars. 

“The fair has been very disappointing for us,” said Ignacio Liprandi, owner of an eponymous gallery in Buenos Aires, “not only because we sold very few pieces, but also because not too many collectors contacted us. I don't think it was our booth because every colleague I talked to had the same results.” Of the two-dozen galleries contacted by ARTINFO, only a handful had sales to report by midday Tuesday. “Slow, slow, slow,” said Rhona Hoffman, of Chicago’s Rhona Hoffman Gallery, when asked how business was at VIP. “There are just so many fairs that are in the real world, and so many things competing for your attention.” (Hoffman noted, however, that she hadn’t sold anything at this point during VIP last year, either, and then closed a $30,000 sale just before the end of the fair.)

Those dealers who approached the fair more as a vehicle for exposure are, unsurprisingly, happier with the experience than those who hoped for an immediate financial payoff. Several galleries said they connected with new potential clients from India, China, and  South America, particularly Brazil. “We made contact with a lot of curators, both independent and from museums, who are interested in our artists and our program more globally,” said Thaddaeus Ropac’s Matthieu Lelièvre. (The Paris gallery had one of the most ambitious programs at VIP, presenting an entirely cohesive new booth's worth of art every day. On the preview day, for example, the gallery presented a collection of Robert Mapplethorpe photographs curated by director Sofia Coppola.)

Still, there were some successes. New York’s Postmasters, which presented a solo booth of work by art-world satirist William Powhida, sold a drawing for $4,500, several editions of the large political-themed print “Griftopia” for $4,500 each, and a video chronicling a fake interview between the artist’s alter ego and the New York Times Magazine for $6,000. James Cohan Gallery, which co-founded the fair, sold a sculpture by Nigerian-British artist Yinka Shonibare of a mannequin reclining with a book in the £50,000 - £75,000 ($79,000 - $119,000) range. New York’s Leila Heller Gallery enjoyed one of the most expensive sales at VIP (at least by our poll): she sold a dreamlike, blue-hued triptych on linen by Iranian artist Roya Akhavan for $150,000.

Dealer (and well-known art world commentator) Ed Winkleman, who sold several small canvases by the conceptual painter Christopher K. Ho for $3,200 each, noted that “what’s selling more than just about anything are flat works — paintings, prints, photographs.” He added that a collector expressed interest in one of the gallery’s larger sculptures, but told Winkleman he wanted to see it in person before he purchased it. “He lives in Europe, so that’s not something that’s going to come through immediately."

Whether or not dealers experience a dramatic flood of sales on the last day — which seems less than likely — many say they’d participate in VIP again. “If you realize that taking part in this fair is the same cost as a big ad in Artforum it makes sense, but if you are expecting sales, I think some people are going to be quite disappointed,” said Borkur Arnarson, the owner of i8 Gallery in Reykjavík. (Booth prices at VIP range from $5,000 to $20,000.) “It’s heavy labor for the people doing it,” added Hoffman, “but if there’s brand recognition or a sale, no matter how big or small, it’s worth doing.” 

Click here to see a slide show of a selection of works at VIP, including some of the pieces that sold.