Global and year-round competition from modern and contemporary art fairs like upstart Art Basel Miami have thrown a monkey wrench in Art Chicago's ability to attract gallery exhibitors and collectors.

Thirty years after the birth of this once-dominant world art fair, Art Chicago, which opens Friday, is now owned by Merchandise Mart Properties and under the Artropolis umbrella which showcases art, design, architecture and furniture in several concurrent fairs around the city.

Gallerists, such as long-time exhibitor Carl Hammer, are still hoping for the fair's return to its simpler, more concentrated past.