Anna and Brian Haughton, directors of Haughton International Fairs, have canceled the International Asian Art Fair, which typically leads Asia Week in New York City, citing the economic downturn as the reason the mid-March fair will not go forward this year.

The firm’s website carries a posting that reads: “Due to the present global economic situation, we have regrettably taken the decision to cancel the International Asian Art Fair for 2009. The fair was scheduled for the 11-15 March at the Park Avenue Armory, Park Avenue at 67th Street, New York City. Many of the dealers who had contracted to take part are not in a position to go forward in the current climate and, as such, we have decided a fair would put an untenable strain on their resources. We hope to be able to re-launch the fair in 2010 and look forward to working with our exhibitors again.”