NY Armory Show showcases world art

New York's annual Armory Show opened Thursday showcasing art galleries from around the world in Manhattan.

"New York City hosts some of the world's most exciting arts events every year, and the growing number of shows that run the first week of March - anchored by The Armory Show and the Art Show - have become a highly anticipated annual affair," Mayor Michael Bloomberg said.

The show brings 274 modern and contemporary art galleries from 31 countries to two piers on the Hudson River. Each year some 50,000 people attend the fair.

The Art Show takes place simultaneously in a former armory on the other side of Manhattan, representing some 70 American galleries.

The mayor's office estimated that art fairs over the week would generate more than $40 million in economic activity in the city.