Simon de Pury launches new auction model with 100% hammer price to artists

Simon de Pury, the renowned auctioneer, entrepreneur, and art dealer, has launched a new online auction series through his company de PURY. The model aims to counter speculative pricing in the art market by directing 100% of the hammer price to artists and galleries. An additional 18% buyer's premium is charged, with approximately 3% going to charitable causes selected per auction. The first sale, titled WOMAN: Art in Times of Chaos, will take place virtually on August 25, 2022, with a digital avatar of de Pury conducting the auction. All works in the catalog were created in the last two and a half years by emerging female artists including Genieve Figgis, Chloe Wise, Minjung Kim, and Allison Zuckerman. A portion of the proceeds will support UN Women, the United Nations entity for gender equality. A preview online exhibition is scheduled for August 5. To curb flipping, bidders must commit not to resell purchased works for at least three years, aiming to foster organic career growth for artists.