There is reportedly $1.5 billion worth of art in London right now for Frieze and its new sister fair, Frieze Masters, which focuses on art made before 2000. Frieze Masters opened yesterday to select VIPs and today that crowd will get a look at Frieze. Both run through Sunday, Oct. 14. In the slide show at left, a 40-work guide to what New York galleries, and some of their international competitors, will be showing in their booths. If you are in London, enjoy the fair! If not, follow along on Gallerist. We’ll have reports through the end of the week, and there will be a story from London in next week’s edition of The New York Observer. —A.R.