The Art Newspaper gives a good rundown of the mood and sales at London Art Fair:

Of the 116 galleries, showing contemporary and British modern art, 86% were returning from 2009. “Work is selling, but people are taking their time,” said London dealer Rebecca Hossack. “It was a frenzy in 2009 with four of us on the stand [….]” According to the latest figures, the British economy sunk by 4.8% in 2009, the country’s biggest contraction since 1921, though the final quarter of 2009 saw a small upturn. This translated in real terms to lower price points at the fair.

• Gordon Samuel of the London gallery Osborne Samuel, who sold British artist Peter Lanyon’s Unitled, 1963, for around £20,000. London’s Paisnel Gallery, which was exhibiting postwar and St Ives artists, also reported mid-range sales that included a stone sculpture by British artist Denis Mitchell, Skiddaw, 1974. It went to a British client for £22,500

• British artist John Piper’s rare early gouache and collage Still Life, 1933, which sold from London dealer Offer Waterman’s stand with an asking price of £55,000. Three other works sold between £16,000 and £28,000, the latter for a portrait by rising London star Diarmuid Kelley. Waterman also had a double reserve on British artist William Scott’s Frying Pan and Eggs, 1950, priced at £675,000.

London Art Fair Suffers from Recession (The Art Newspaper)