Summer of celebration

London is staking its claim as the most important city in the world's art market with a new annual event dedicated to the city's art dealers.

Art Fortnight London in June will bring together the city's private art galleries, accompanied by a series of special events - including the first London show from a man nicknamed "the Saatchi of the North".

Self- made millionaire Frank Cohen, based in Manchester, owns more than 1,000 works by the world's greatest modern artists. Later this year he will open a gallery in his home city to display them.

Before that, however, a Mayfair townhouse will be filled by Cohen's works to mark Art Fortnight. Other events will include a gala party, an exhibition dedicated to London's scene at Christie's and a party hosted by Tracey Emin.

About a quarter of the £10 billion generated by the international art market is accounted for by Britain.

The events' chair, Lady Angela Nevill, said: "London has overtaken New York as the art capital of the world. We felt a need to present a coordinated programme for the thousands of buyers and art lovers who come to London each summer."