The notion that the contemporary art market is not a bubble but a durable balloon, flying high over the current recession, may not be around for much longer. London's Frieze Art Fair opened this morning, and while there have been many strong sales, there are indications that collectors are thinking twice before putting their hands into their pockets. "It probably has become more of a buyer's market," observed art adviser Nicolai Frahm, who has worked with some of the world's best collections (including YBA patron Frank Cohen's). "Before you had to make decisions immediately. Now you can take your time a bit more."

Economic gloom or not, the big tent in Regent's Park — designed this year by architects Carmody Groarke— was teeming with collectors today. David Roberts, Anita Zabludowicz, Jean Pigozzi, Sharjah Princess Hoor al-Qasimi,and Museum of Everything founder James Brett were all spotted cruising the aisles and mingling with the likes of supermodel Elle Macpherson, designer Ron Arad, Tate director Nicholas Serota, and Serpentine Gallery power duo Hans Ulrich Obrist and Julia Peyton-Jones.

On the floor the atmosphere was spirited. Mollie Dent-Brocklehurst,the director of Pace Gallery London's outpost, told ARTINFO UK that there were many great collectors in attendance, but declined to share sales figures. It is Pace's first year at Frieze, and the blue-chip gallery's arrival could be read as a sign of confidence in the European and Asian market. After many months of will-they-won't-they, Pace last week opened a showroom on Lexington Street in Soho, and Dent-Brocklehurst has confirmed that another major new space will open in 2012 as well.

When asked about her first impressions, Amanda Sharp, Frieze's co-director, said the opening "felt really relaxed," with fairgoers socializing and having "really great conversations" instead of zeroing in on the art with cutthroat efficiency, as in past years. "But it will take a while to have an informed perspective," adds Sharp. "Quite a number of galleries have made a special effort, and the average stand size is also bigger this year. There is more room for the art to breathe, which really changes the atmosphere of the fair."

David Zwirner announced the sale of a 2003 Neo Rauch painting, "Haus des Lehrers," to an American collector, for $1,350,000. Hauser & Wirth also reported strong sales, including three editions of"Earth Mask II" (2011) by Thomas Houseago, all sold to European collectors for $100,000 apiece. Houseago's "Hermaphrodite" (2011) sold for $425,000, confirming once again the Los Angeles artist's burgeoning position as a collector's favorite. You could, however, get artworks for much less. Collectors ready to part with their credit cards but not their cash can get a filter-tip drawing generated by Michael Landy's absurdist and rather Jean Tinguly-esque sculpture "Credit Card Destroying Machine" (2011). The piece itself has a price tag of £120,000($189,000). It hasn't sold yet but is said to be "on reserve."

After all the buzz that the project has generated, it was good to see — at last — one of the two boats Christian Jankowski is selling either as seafaring vessels or artworks. The bigger of the two is 204 feet long and would have to be built if purchased. It costs €65 million as a yacht... and €75 million as an official Jankowski artwork. The smaller one has a more reasonable price tag of £500,000 ($788,000) in boat form, and the artist confided to ARTINFO that, if someone was to buy the big one, he would probably throw the other one in as a gift. Quite the bargain, that.

The Gagosian booth, meanwhile, is covered in posters commissioned by artist Franz West. London dealer Stephen Friedman is presenting a tightly curated solo show by Huma Bhabha, New York's Casey Kaplan has set up a whole narrative of desire and understated perversion in its Matthew Brannon presentation, and White Cube is boasting a nightmarish virgin-and-child courtesy of the Chapman brothers. But fair's official best-stand prize was awarded to Gavin Brown's Enterprise. It is a surprising choice. Mark Handforth's sculpture of a giant coat hanger is fun, and the booth is pleasant enough, but unlike with many other galleries' displays there's no feeling that they really went out of their way.

Early in the afternoon Charlotte Higgins, the Guardian's chief arts writer, tweated that "people feel that the mood is subdued." Not at Frame, it seems. Dealers in this special section of the fair dedicated to emerging were very positive. The works are cheaper — most of them at less than £20,000 ($31,500) — but this doesn't mean that Frame is only attracting less important collectors. London's Bischoff/Weiss sold two Raphael Zarka videos, priced at £11,300 ($17,813) and £7,000 ($11,034), respectively, to David Walsh's Tazmanian Museum of Old and New Art, and Los Angeles's François Ghebaly sold a sculpture by Patrick Jackson to hotel tycoon Andre Balazs for $9,000. Meanwhile, Buenos Aires's Ignacio Liprando placed two shelves by the young Pablo Accinelli in Bernardo Paz's prestigious collection in Inhothim, Brazil.

"It is better than last year," said collector David Roberts, who has been looking at works by Martin Boyce and Simon Starling at Glasgow's Modern Institute. "There's more things I like." People are clearly being more considerate and have, at last, shed the "buy first, think later" attitude of the pre-crash era. It's about time.