The international art-collecting glitterati descend on Regent's Park today for the VIP opening of the Frieze Art Fair.

Charles Saatchi, Jude Law and Claudia Schiffer have made use of the exclusive preview in previous years to buy some of the art on offer.

About 150 galleries, including some from emerging art markets such as Brazil, India, China and Russia, are selling work by more than 1,000 artists.

Pieces on display include three parrots trained to bark by the Polish artist Agnieszka Kurant.

All eyes will be on how strong the market proves in the face of the credit crunch.

Since starting in 2003, Frieze, sponsored by Deutsche Bank, has established its place as a key event for international buyers. Three times more galleries apply for slots than get a stand.

The public can pay to attend the fair, from tomorrow until Sunday.

Outside the ticketed fair there is a free sculpture park in the English Gardens area of Regent's Park. David Thorp, its curator, said galleries were equally keen to be in the sculpture park.

Artists this year include Swiss artist Ugo Rondinone, who produced six shiny heads, and American Dan Graham with a glass pavilion. Subodh Gupta, dubbed the Indian Damien Hirst, is represented by a giant skull made of cooking utensils.

The Standard is presenting a full guide to Frieze tomorrow.

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