Bond Street antique and art dealer Mallett, also of New York, announced yesterday plans for a new art fair in Chelsea Barracks next June. "Masterpiece London" will also include wine, classic cars and jewellery. The dealer is investing up to £100,000 in the fair as part of a consortium. Even following the recession-induced demise of its rival, Partridge Fine Art, and the closure of Grosvenor House Art & Antiques Fair, Mallett said the market is "improving gradually." The firm, which also has a New York location, is on target to shave £2 million off costs this year.