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They confirmed last week that a new event entitled Frieze Masters will run alongside their October contemporary showcase in London, while in May next year they will also stage a long-rumoured contemporary art fair in New York.

The London fair will take place in a separate tent in Regent's Park but will be within walking distance of the existing contemporary art event. They aim to have around 70 galleries offering art dating from before the year 2000, and ranging from antiquities and Old Masters to 20th century works.

The director of the new fair, Victoria Siddall, formerly of Christie's but who has been head of development at Frieze since 2004, said "The combination of Frieze Art Fair and Frieze Masters in October will create an unmissable week and a great opportunity for a crossover between audiences of contemporary and historical art."

Galleries that apply to stand will be selected by a committee that will include post-War art dealers Anthony Meier and Iwan Wirth, and Old Master dealer Fabrizio Moretti.

Meanwhile, the Frieze fair in New York will take a similar approach to its London forerunner, with around 170 exhibitors.

It will be held in a purpose-built structure in Manhattan's Randall's Island Park overlooking the East River and the city's waterfront.

By Alex Capon