It was perhaps only a matter of time before two trends in the contemporary art market — the rising prices for Asian art and the increasing importance of art fairs — converged. So here it is: The first annual Asian Contemporary Art Fair in New York will take place between November 8 and November 12 at Pier 92.

The fair is timed to take place just after the fall postwar and contemporary art sales, and the co-directors, Thomas Arnold and Inhee Iris Moon, said they expect many international collectors to extend their stays in New York to attend. The fair will feature 80 exhibitors from 10 different countries, with the majority coming from East Asia and a substantial minority from South Asia and Southeast Asia. Ms. Moon said that for many of these galleries, it will be their first time exhibiting in America.

“It’s very exciting,” an exhibitor, Ethan Cohen of Ethan Cohen Fine Arts in Tribeca, said of the launch of the fair. “It shows there’s been a tremendous surge in awareness of Asian art.”

The fair, a for-profit venture, is a project of a recently formed company called Asian Artworks, Inc., which is dedicated to promoting Asian contemporary art. It is backed by a Korean collector.

Asked if there’s a risk the fair will be seen as ghettoizing Asian contemporary artists, Ms. Moon said that, in the long run, it would be better for contemporary artists from Asia to be fully integrated into the market. “That would be our goal,” she said, adding: “We still have many years to go until that happens.”

Chelsea is about to see a major influx of Asian galleries. Two new Korean galleries, Arario and Gana Art Gallery, will open on West 25th Street in the fall, alongside Tina Kim Fine Art, which is moving to West 25th from West 57th Street. Gana Art, which has galleries in Seoul and Paris, will be exhibiting in the Asian Contemporary Art Fair, along with Tina Kim’s Korean sister gallery, Kukje Gallery. Gana Art’s New York director, Jung Bong Lee, said the fair will be a good way to announce the gallery’s presence in New York.

While Asian collectors have been wielding increasing power at the New York auctions — the buyer who picked up Andy Warhol’s “Green Car Crash (Green Burning Car I)” for $71.7 million at Christie’s last week was bidding on the phone with Christie’s deputy chairman in Asia — European and American collectors have also been showing increasing interest in Asian contemporary art.

Asked if she expects the British collector Charles Saatchi to put in an appearance at the fair, Ms. Moon said she did — and that she is “quite confident” he’ll find something to buy.

News of the fair was first reported in Crain’s New York Business yesterday.