For the New Collector... The Armory is a great place to see a lot of art in one place. If you go, take notes and a digital camera. Train your eye, notice trends, find work that you hate, ask a lot of questions, discover your taste, listen-in on galleries and collectors talking about the art. But, don't buy! The Armory is not necessarily the best place to buy work if you are just starting a collection mainly because most things tend to be really pricey. (The booths at the fair cost the galleries a lot of money so they tend to bring their more expensive work.) If you get caught up in the whirlwind (and pressure) to buy at the fair, here are a few galleries I recommend you head for: Bellwether, Bodybuilder & Sportsman Gallery, Clementine Gallery, Derek Eller Gallery, Richard Heller Gallery, LFL Gallery, The Modern Institute, Pierogi, and Roebling Hall. I know these galleries well and have bought work at all of them in the past few years. Nice people (except maybe at art fairs), and great art. They all show well priced artists - both emerging and emerged. If the art on the booth wall seems too pricey, make sure to ask to see work by their other artists. Most galleries have hidden away in the booth lower priced or unframed works in flat files or portfolios. Another great place to pick up affordable work is at one of the numerous museum booths (The New Museum, The Aldrich Museum, etc.). They have limited editions made especially for the museum by some great artists priced between $100 - $3,000. My favorite is Roxy Paine's Fecund, 2001 at the Aldrich. Have fun!
For more tips... Tyler Green (of ArtsJournal.com) wrote a very funny bit on Art Fair Tips. Please check out his Thursday March 11, 2004 entry.