For last year's Frieze Art Fair in London, she created "The Vanishing Lake, " a site-specific exhibition of her drawings and tapestries shown within a Georgian house on Fitzroy Square.

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Hong Kong kicks off a set of Asian art sales on Friday, and next week the rest of the art world will descend on London's Frieze Art Fair for contemporary sales.

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Forget all that, the ICA now wants to be part of the art world establishment, to sit with confidence at the top table with Tate, the Serpentine and the Frieze Art Fair.

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Mr. Guttman on Thursday began pitching his new space which is being built more than 16 feet above sea level, well above the projected level of a 100-year flood, the company said to art collectors gathered at the VIP preview of the Frieze New York art fair on Randall's Island.

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Frieze's original London iteration began in 2003 and has become a major date on Europe's art-fair calendar.

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