VIP Art Fair, the first and only online art fair, is preparing for its second annual edition, to be held February 3-8, 2012 under the title "VIP 2.0."

Founded by dealers James and Jane Cohan, the site launched last year with the promise of cutting the shipping, travel and entertainment costs typically associated with traditional art fairs. But VIP's rookie effort was not without trouble: unable to handle the traffic, the site crashed, and its messenger service created dangerous privacy lapses. Some galleries, including Michael Werner, were reported to have asked for their money back.

VIP 2.0 promises to fix those problems. The company's new vice president of engineering, Severin Andrieu-Delille, said in a press release, "We've completed major systems upgrades, adding substantial server and bandwidth resources. Significant load testing makes us confident we'll meet peak demand, delivering a flawless, content-rich experience for our exhibitors and visitors."

The fair added a new Museums and Halls Editions, allowing potential clients to browse and purchase editioned works from top-tier establishments. Galleries like Luhring Augustine, Marian Goodman, Pace, Victoria Miro, White Cube, Yvon Lambert and David Zwirner have all signed on.