Doug Aitken, Now (2011) at 303 Gallery NY. All photos for Art Observed by Caroline Claisse.

AO is on site in London for this week’s Frieze Art Fair. With 173 galleries selling an estimated $350 million worth of art, a level of anxiety pervades as the week’s results will be indicative of the overall international contemporary art market. Works like Christian Jankowski’s droll The Finest Art on Water and Michael Landy’s Credit Card Destroying Machine directly comment on the world economic state, while the overall demeanor remains upbeat, with art world moguls and A-list celebrities enjoying the festivities.

Michael Landy’s Credit Card Destroying Machine (2011), Thomas Dane Gallery

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Beatriz Milhazes, O Moderno, 2002 (est. $1-1.3 million, realized $1.1 million), via Phillipsdepury.com

Phillips de Pury’s Contemporary art evening sale on Monday night at their new space in the Claridge’s Hotel, London realized $17 million for 27 of 31 lots sold. The sum (which includes fees) fell within presale estimates of $16.4-27.3 million despite the withdrawal of a high priced Cindy Sherman, reportedly because another version of the work sold at Art Basel earlier this month. The equivalent sale last year at Phillips realized just $6 million and nearly half the lots offered went unsold.

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