At the Armory Show's exclusive event, a cautious sense of optimism permeates, as sales proceed gradually.

The Armory Show, one of the world's premier art fairs, returned to the Javits Center in New York City this week. With over 230 galleries participating, including major players like Andrew Kreps and Esther Schipper, the fair is showcasing a diverse range of artworks from around the globe.

In its second year under director Kyla McMillan, the fair is reflecting her vision more than ever. The floor plan has been overhauled, and curated programming has been introduced to create a more immersive experience for visitors. Fifty-five new galleries are participating this year, making up about a quarter of the overall exhibitor list.

One of the new galleries making its debut at the Armory Show is the Neue Galerie Graz, Universalmuseum Joanneum. This remarkable gallery from Austria is participating for the first time this year.

Several notable sales have already been made at the fair. Sean Kelly reported selling a Kehinde Wiley painting for $265,000, while James Cohan sold a Kennedy Yanko sculpture for $150,000. Tang Contemporary sold an Ai Weiwei "toilet paper" sculpture for between $150,000 and $180,000. Galleria Lorcan O'Neill reported selling one work for $1 million, but did not specify which one.

Peter Blum Gallery presented recent and historic works by Alex Katz at the fair, including a tranquil 1962 oil painting, October 2, listed at $1.2 million. Saatchi Yates brought a solo presentation by Tesfaye Urgessa, who represented Ethiopia in the 2024 Venice Biennale. Prices for the large-scale paintings ranged from $135,000 to $200,000.

Martha's, a new gallery in the Focus section, sold all but one of its paintings by RF. Alvarez priced between $4,500 and $20,000 by the end of the day. Secrist | Beach centered its booth on a 1,200-pound woven wall sculpture by Jacqueline Surdell, priced at $300,000. Smaller works in the presentation ranged from $12,000 to $50,000.

Massey Klein, a gallery new to the Armory Show, sold the largest piece in its solo presentation by Kate McQuillen for more than $24,000 to a collector new to the gallery. Victoria Miro dedicated most of its booth to diaristic en plein air portraits by Doron Langberg, priced between $22,000 and $35,000.

Institutional figures, including museum directors and curators, attended the fair on Thursday. The turnout for the VIP preview was significant, with attendees lining up for over an hour. David Blum, a director at Peter Blum Gallery, stated that there is still a strong demand for art in the market.

Despite the challenges the art market has faced this year, including gallery closures, lawsuits, and fair cancellations, the Armory Show is proving to be a vibrant and thriving event. The fair continues until Sunday, and there is still plenty of time to explore the diverse range of artworks on display.

At the Armory Show's exclusive event, a cautious sense of optimism permeates, as sales proceed gradually.