Art fair veterans Tim Etchells and Sandy Angus, who recently sold a majority stake in the Hong Kong art fair Art HK to the operators of Art Basel, are launching a new modern and contemporary fair in London.

The first edition of Art13 London will take place at Olympia Grand Hall, a 19th-century building in the heart of West London, from March 1-3, 2013.

The new fair is slated to include between 80 and 100 British and international galleries presenting art from the past 100 years, with the majority of works priced £1,000 ($1,567) to £500,000  ($783,400).

The London fair faces competition from Frieze and newer outfits such as the emerging art showcase Sunday and the modern- and design-heavy Pavilion of Art & Design. Next October a new fair, Frieze Masters, featuring art created before 2000, will also be launched.

"London is a powerful international hub, both for artists and for the art and business worlds. So many collectors - whether they're based in Russia, the Middle East, India, or even Hong Kong - have parts of their lives in London," said Marc Glimcher of Pace Gallery, which opened a London space in 2011. 

The New York-based David Zwirner is joining the UK fray. The dealer just announced the launch of a new outpost in an 18th-century Georgian townhouse which will open in Mayfair next October.

Photo: Olympia Grand Hall, by Ossi Jalkanan.