'The timing, four weeks before Christmas, is far better than that of the second fair, which was in January this year,' he says. 'That took place between Christmas and Lunar New Year and people were worrying about tax bills and whether they were going to get a bonus.

'That was reflected in the takings. No one was particularly excited.'

Despite continuing economic worries, times have changed, says Bailey.

'Then, the economy was bad and no one knew if the world was going to end a few days later. But now Hong Kong has its confidence back and people are spending money. They may not be spending stupidly but they are spending - and dealers at this year's fair are expecting a lot more customer traffic.'

Those dealers are again assembling from around the world at the prompting of the fair's triumvirate of organisers, Swindon Book Company and two individual books dealers, from Tokyo and Sydney. And while Bailey hopes the event will attract a host of casual buyers, he says for the aficionado the purchase of big-ticket, obscure first editions has never gone out of style.

'Serious collectors are still buying, as long as they're still employed,' he says. 'The books have proved a recession-proof bit of the business.'

Bailey is alluding to the fact that antique maps, pastel drawings or Tang dynasty poems priced in the millions of yuan may continue to be outperformed when it comes to sales figures.

Keeping a similarly close eye on developments will be Jonathan and Vicky Wattis of Wattis Fine Art in Central, noted for its antiquarian maps and photographs, as well as its books.

'It's possible that collectors or institutions will be paying out big money on rare material that will enhance their collections,' says Jonathan Wattis, who will be offering, at HK$53,000, Memoir of the Life and Public Services of Sir Thomas Stamford Raffles, published in 1830. 'And there will always be bargains to be had if you search hard enough or have specialist knowledge of certain subjects. You just have to keep searching.'

He also believes that the third fair may prove an important marker on the road to rooting the rare books trade firmly in what has so far proved rocky soil.

'The idea of the fair is to raise awareness of this specialised area of the antiques business in East Asia,' says Wattis. 'I have been at it for nearly 25 years in Hong Kong and although the awareness is growing it is still a comparatively slow process.

'More dealers coming into the trade and raising appreciation is a good thing. Also, private wealth in this part of the world has increased and people have the opportunity to collect in specialised areas. Like a good vintage wine, it will probably be a few more years before the market is mature enough. But the potential is there.'

For collector and dealer Yves Azemar of Indosiam Rare Books in Central, the amazement that Hong Kong has an antiquarian books fair at all has persisted since the first incarnation, in 2007.

'Who would have believed there would be such a wonderful event in this city, where antiquarian books are unknown to the public?' he asks. 'Where everybody collects anything, from McDonald's gimmicks to rare bronzes, ceramics and jade, anything but old books?

'I am optimistic for the future of the fair because it represents a unique chance for local and mainland people to see so many treasures written about their mother country - from 17th-century Jesuits' accounts of China to books published in the early 20th century, satirical books and cartoons published in Shanghai, translations of historical texts and so on.

'It is good for Hong Kong internationally, for its cultural image, to have such a fantastic event competing with those of London, Paris and Boston. There is a long way to go but there is a lot of enthusiasm for this fair.

'I have a dream ... to see the Hong Kong International Antiquarian Book Fair inscribed on the calendar of the International League of Antiquarian Booksellers, and become a recognised event on the world map of famous fairs.'

Conspicuous by their near absence at the fair, however, will be mainland dealers, whose numbers have shrunk by half from last year - from two to one. Not that that is any reflection on the standing of the event.

'The reason we do not get a lot of mainland dealers may well be technical,' says Dorothy Hui of Swindon. 'You would be amazed at how much effort is required to transport antiquarian books out of China for a three-day exhibition.

'But the literary antiquities market hasn't shrunk: regular purchases are made by mainland institutions, libraries and universities.'

The cosiest corner of the fair will be that of Lorence Johnston's Lok Man Rare Books, of Sheung Wan.

Recreating the ambience of Lok Man's Hollywood Road gallery, Johnston uses a winged leather armchair, books cabinets and reading lamp to give his exhibition stand the feeling of a drawing room. Browsers are welcome to take a seat and examine the books on sale. All that is good for business, which Johnston also believes will be robust.

'As with many antiquities, during a recession, with individuals selling family heirlooms and the like, you see more books appearing on the market, so I view the fair as an opportunity. The combined knowledge of the dealers attending is also a big bonus.

'This is a chance to see some unique antiquarian books on Asia, and China in particular,' Johnston says. 'I believe such books will always be in demand by those interested in the history of this area, especially because they rarely come up for sale. And when they do, they generally disappear from view again.'

Third International Antiquarian Book Fair, Exhibition Hall A1, Hong Kong Exhibition Centre, China Resources Building, Wan Chai. Tomorrow, 5pm-10pm; Saturday, 12pm-7pm; Sunday, 12pm-5pm. For more information visit www. hongkongantiquarianbookfair.com