Art enthusiasts will be able to buy paintings that may or may not be fakes, now that fairytale author James Frey is backing a Lower East Side gallery. (Maybe this Observer illustration will be for sale?) Partnering with designer Andy Spade and Bill Powers, their 350-square-foot space will focus on “emerging artists.” Sort of like Oprah tried to do with Frey, only to get her reputation shat on. So think twice before one of those red dots on the wall is yours. [WWD]