The WAIT List does exist!
I applied for the Rio Grande Arts & Crafts Fair (the one during the Balloon Fiesta) back in April? Not sure exactly when. I got an email saying that I had been put on the "Wait List". I have wondered if that was just a nice way of saying "You aren't good enough to be in our show, but we don't want to tell you that." Happily, I was wrong!
I got a call last week that there was an opening. Maybe just one weekend, or maybe both. I realized that I had some classes scheduled with Artisans Expo and really didn't want to cancel them, as they were expensive and probably wouldn't give me a refund at this late date. So, I told them the second weekend was best for me. They were able to give the other weekend to another artist who was also on the Wait List.
I nearly fell over when they reminded me of the booth fees. But, this fair is in the Top 10 in the nation, so it may be worth it. Fingers crossed!