Bloomberg‘s Farah Nayeri  reports on Art Dubai as it opens today:

A third of last year’s exhibitors are skipping Art Dubai, including dealerships such as London’s Lisson Gallery and New York’sL&M Arts. With booth rates discounted by 20 percent, there are 72 exhibitors — four more than in 2009. About 40 percent are first-timers.

“Dubai won’t be the same place as it was two years ago,” said John Martin, who co-founded the fair in 2007 and saw it grow during the art-market boom in 2008. “The amount of money sloshing around will be less, of course it will,” the 42-year- old London gallerist said in an interview. […] Anticipating the tough market conditions, and acting well before Dubai’s debt announcement, Art Dubai said it would charge about 20 percent less per square meter: $550 instead of $700. Galleries focusing on single artists were charged $500.

Dubai Art Fair Aims to Defy Debt; Top-Selling Dealers Stay Away (Bloomberg)