Frieze Wrap

Randall's Island, Manhattan -- End-of-week rainy weather didn’t dampen sales at the opening of the third edition of Frieze, where 190 galleries from 28 countries did brisk business in a white, translucent serpentine tent on Randall’s Island.

Sunday's perfect sunshine made the fair, located on Randall's Island in the middle of New York City's East River, a destination of choice. Art collectors of Art Kabinett social media network were all over the place.

Located a short car or ferry ride from Manhattan, the fair’s opening drew actor Leonardo DiCaprio, tennis pro John McEnroe, fashion designer Marc Jacobs, hedge-fund manager Daniel Loeb and Marie-Josee Kravis, wife of Henry Kravis, billionaire co-chairman of buyout firm KKR & Co.

Frieze, which runs through today, coincides with two weeks of semi-annual auctions that are expected to rake in as much as $2.3 billion in sales.

It also anchors at least eight other fairs including Pulse, New Art Dealers Alliance (NADA), Seven and Salon Zurcher.

Fleshy Beauties

A spinoff of the London-based fair that began in 2003, Frieze is known for both cutting-edge and blue-chip galleries. It’s considered one of the world’s three most important contemporary-art fairs, along with Art Basel in Switzerland in June and Art Basel Miami Beach in December.

By early afternoon, Kendall Koppe gallery from Glasgow sold out its booth of paintings and drawings of fleshy women by Ella Kruglyanskaya, with prices ranging from $4,500 to $15,000. He was excited to be done in one hour.

Business continued from his iPad even though nothing was available on the walls.

Gagosian Gallery said it sold out its booth of small, text-based paintings by American artist Ed Ruscha. At least 16 paintings lined the walls. Each was priced at $175,000.

Pumpkin Sculpture

A red-and-white polka dot pumpkin the size of a Mini Cooper car beckoned collectors at David Zwirner gallery where dense net paintings by Yayoi Kusama created a counterpoint to Donald Judd’s minimalist aluminum boxes. Everything sold, with prices ranging from $350,000 to $650,000.

Kusama’s signature pumpkin, shown here, went for $600,000 and “could have sold multiple times,” said gallery owner David Zwirner. “Unfortunately there was only one. It’s going to a collector in mainland China.”

A swarm of collectors packed Rome-based Lorcan O’Neill to see reflective Plexiglas sculptures and spray paintings by Eddie Peake, the young British artist of the moment.

Former Walt Disney Co. President Michael Ovitz examined a flat, oversized blue bear sporting a scarf. Princess Eugenie, the daughter of Duchess of York Sarah Ferguson, dressed in a prim white shirt and plaid skirt, watched an hourly three-minute violin performance in the booth.

Lorcan O’Neill, the gallery’s owner, said he was worried about collectors flipping Peake’s work for a quick profit. Most of his pieces, priced at 18,000 pounds ($30,349) to 30,000 pounds, were either sold or on reserve. In February, Peake’s spray painting fetched $54,393 at Christie’s auction in London.

Competitive Collecting

“The art world has gotten to a stage where you can’t control things,” he said. “We have to be very careful and sell only to people who really love the work.”

Many collectors love artists with commercial momentum, New York art dealer Derek Eller said.

“It’s all about competitive collecting,” he said. “So much of the conversation is about the market.”

Eller had a striking installation by Karl Wirsum, a 74-year-old Chicago-based artist with decades of work and an auction record of only $11,875, according to Artnet Worldwide Corp.’s price database.

Three large marionettes dressed in chic garb guarded the booth’s entrance. Inside are Wirsum’s cutouts, paintings and drawings of hybrid creatures that evoke Eastern deities and comic book characters. Early sales ranged from $8,000 for a work on paper to $45,000 for a painting.

The marionettes, each priced at $60,000, were last on view in 1981 and have spent the rest of the time in cardboard boxes in the artist’s attic.

“This is an excuse to show them and to organize this mini-retrospective,” Eller said.