Right now, the performance has been a pair of lipsticked lips on a painted white face, right in front of a webcam. It doesn't look too dissimilar from The Joker in the Batman comics. We'll bring you updates as they occur, along with further allusions to Batman, should they be necessary.

Watch it yourself by clicking this link to the VIP fair.

Update, 12:30 p.m.: Well, things have certainly progressed from the lips. Right now the video shows some kind of Middle Eastern carpet store that would seem to be in someplace that isn't America, though everyone's speaking English. One man in Middle Eastern dress is haggling with a man in glasses. "Give me normal price!" says the glasses-clad hondler, frustrated. "I know everything about carpets! Give me normal price!" No idea where Terence Koh is. "You must go down."

A screen grab from the performance.

Update, 1:30 p.m.: We've completely abandoned the market. I forgot to mention back there that Terence Koh was not the cameraman in that last segment because whoever filmed it was talking to vendors in this marketplace and he didn't sound like the artist. Now we're on some trippy bearded D.J.

He seems to be smoking, which isn't a great example for all the kids hanging out at this online art fair. The Observer can now also report that the tunes are not bad.

A commenter has pointed out that the complete schedule is available at Terence Koh's website! It follows:

11am - new york city, usa
12pm - sharjah, uae
01pm - athens, greece
02pm - bratislava, slovakia
03pm - vancouver, canada
04pm - braunshweig, germany
05pm - reykjavik, iceland
06pm - bergen, norway
07pm - london, england
08pm - anchorage, usa
09pm - auckland, new zealand
10pm - beijing, china
11pm - sydney, australia
12am - brescia, italy
01am - moscow, russia
02am - mexico city, mexico
03am - cape town, south africa
04am - bangkok, thailand
05am - istanbul, turkey
06am - paris, france
07am - ho-chi minh city, vietnam
08am - mumbai, india
09am - sao paolo, brazil
10am - madrid, spain
11am - rome, italy

Update, 2:45 p.m.: Boy, this is turning out to be not very lip-oriented at all! Sorry for the misleading headline. We're in Bratislava now for a Ryan Trecartin-y slumber party, complete with pillow fights.

Update, 4:30 p.m.: Well, a German guy wearing a mask of nails is barking at me, which usually means it's drinking time. Ciao! Put this on at a party or something!