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Despite pouring rain, a queue snaked around the block, while black sedans circled waiting for their VIP charges. Their grail was a gleaming white pavilion in Regent's Park, London, designed by architect du jour David Adjaye, and inside, the atmosphere was heady with contemporary art, money, glamour and fame.

This was last year's Frieze Art Fair. About to open for its third year, the FAF has become a crucial fixture in the London art world calendar. Set in the Marylebone Green section of Regent's Park (a site-specific urban installation by John Nash, as one might put it in Frieze-ese), Frieze proclaims itself 'London's only international contemporary art fair'. 'It's the single most important thing to happen in contemporary arts in London since the opening of Tate Modern,' says Glen Scott Wright of the big-hitting Victoria Miro Gallery. Artist Richard Wentworth says, 'It felt established from the start, quite something for a tented event that feels like a sexy air-base.'

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