This is the second outing for the event, which launched last year in response to what is being seen as a rising demand among Brazil's middle class for art.
Many industry eyes have been turning to this BRIC nation as the economies of both India and China have weakened over the past couple of years.
Organisers Brenda Valansi Osorio and Elisangela Valadares are reported as having initially modelled this 100-plus gallery event on Miami Art Basel.
It occupies 13,000 sq m of exhibition space in four warehouses in the heart of the city's harbourside area, expanding from the 83 galleries - 33 of them from other countries - who exhibited last year.
Together they were reported as selling $120m worth of art by 700 artists, and at 46,000 the visitor numbers were 30% up on what the organisers had hoped for.
Prices for artworks ranged from around $500 to $5m.
Other big overseas names standing at the fair this year include White Cube, Max Wigram and the Marlborough Gallery from London, David Zwirner and Vogt Gallery from New York, Andersen's Contemporary from Copenhagen, Christinger de Mayo and Hauser & Wirth from Zurich, Galeria e Museo from Madrid and Galeri Koal from Berlin.
