As Frieze Art Fair becomes more and more entrenched on London's art scene, emerging artists are benefiting from the art mania that descends on the city each autumn.

New Sensations is probably the most visible example of that trickle-down effect. Launched just six years ago, the showcase of emerging artists founded by the Saatchi Gallery and Channel 4 is now the largest curated exhibition to take place during Frieze - partly due to joining forces with The Future Can Wait, a survey of young, progressive multidisciplinary artists set up by artist/patrons Zavier Ellis and Simon Rumley.

This week the combined show in the cavernous Victoria House in Bloomsbury Square includes the work of more than 50 artists, once again eclipsing all other exhibitions save for Frieze itself.

That it's free of charge has certainly helped garner attention. Anticipation is also building as to who will win the New Sensations 2012 prize - a career-propelling accolade last year won by Jonny Briggs. Judges, including artists John Stezaker and Richard Wilson, have already whittled down the vast number of entrants to a shortlist of 20, who make up the New Sensations section of the show. These include the four finalists: Nicolas Feldmeyer, Olivia Poppy Coles, Rafal Topolewski and Steven Allan.

A new partnership is also adding fresh intrigue to New Sensation 2012. The Saatchi Gallery has invited Absolut Vodka, longtime art patrons and collaborators with legends from Andy Warhol to Damien Hirst, to create a competition within the competition. The result, Absolut Blank, selected three artists from the New Sensations shortlist to undertake an original artwork using the Absolut bottle as a starting point.

The chosen artists, Jin Han Lee, Antonio Marguet and Natasha Peel, are displaying the end results this week; the winner will secure a funding for a studio space.

The joint show of young talent at Bloomsbury House runs until 14 October.