LONDON (REUTERS).- Walk into the giant marquee in Regent’s Park, London, venue of this year’s Frieze Art Fair, and enter a parallel universe. Impeccably dressed men and women, and a healthy smattering of Bohemian types in garish trousers and expensive, thick-rimmed glasses, saunter down the aisles and between the stands of more than 170 exhibiting galleries. There the “new aristocracy” browses the cutting edge of contemporary art, from a grotesque Madonna and Child by the Chapman Brothers to a golf bag full of cement and a section of wooden fence hanging on a wall. Elle Macpherson and designer Valentino joined commercial gallery A-listers like Jay Jopling in assessing what was hot and what was not at a VIP preview this week. The fair opened to the public on Thursday and runs until Sunday. Prices range widely, but generally