By Lindsay Pollock
March 27 (Bloomberg) -- Collector Donald B. Marron noticed a less-frenzied pace at New York's Armory Show art fair yesterday as he strolled the aisles during the VIP opening.
``You can see people contemplating the art,'' said Marron, chairman of Lightyear Capital LLC, with his curator at his side. ``It's the way you ought to look at art.''
Following a seven-year jump in prices for contemporary art and a proliferation of international art fairs, the speculative boom may be losing some steam.
``I'm not sure, at the end of the day, how good business is,'' said Roland Augustine, head of the Art Dealers Association of America and co-founder of Chelsea gallery Luhring Augustine, which isn't exhibiting. ``I'm not sure if the market can absorb all this.''
The fair, a showplace for 160 international galleries selling from booths on Pier 94 on the west side of Manhattan, runs through Sunday. Last year attendance topped 52,000 and organizers reported sales of $85 million.
Marie-Josee Kravis, chairwoman of the Museum of Modern Art's board, and real estate developer Arthur Zeckendorf were among other VIPs. Europeans, particularly French and German, attracted by the weak dollar, were out in force.
Some dealers fretted over few or no sales, but business was brisk in some quarters. Chelsea gallery Friedrich Petzel sold works by Allan McCollum, Sarah Morris and a $120,000 sculpture by Cosima von Bonin, made from grungy stuffed animals dangling on clothespins.
Pendulous Breasts Greenberg Van Doren Gallery sold their priciest work, a $275,000 androgynous wooden sculpture by Katsura Funakoshi with an elongated neck and pendulous breasts.
``After 40 years of collecting, are we pulling back? No! We are buying a ton of art,'' said the tanned, white-haired Don Rubell. ``But if everyone else pulls back, we'd be delighted.''
Annette Lemieux's installation at Paul Kasmin Gallery, based on a country fair, featured gingham paintings, old barn wood, and free apple pie served with whole milk from the jar. A bumper sticker proclaiming ``No Bull'' cost $1.
Most of the art wasn't rebellious, but Joe Bradley's bland beige painting at the Lower East Side's Canada gallery poked fun at ``art as luxury goods,'' said Wallace Whitney, a dealer at the gallery. ``This is a tough piece.'' The ``Bread'' painting -- Whitney said the color reminded the artist of Wonder bread's crust -- was priced at $30,000. There were no takers.
(Lindsay Pollock writes on the art market for Bloomberg News. The opinions expressed are her own.)










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