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A new sales format, titled 'Artist's Choice', is set to launch in September in New York. This initiative will debut in conjunction with the season-opening contemporary curated auction, creating a novel pathway for contemporary artists and their galleries to engage with the auction market.
A new sales format, titled 'Artist's Choice', is set to launch in September in New York. This initiative will debut in conjunction with the season-opening contemporary curated auction, creating a novel pathway for contemporary artists and their galleries to engage with the auction market.
The core concept allows for artworks to be brought directly from the artist's studio to the auction block. This model is designed to provide artists and their galleries with greater agency in shaping their own market and to become the direct financial beneficiaries of the sales achieved through this collaborative channel.
| Term | Description |
| Hammer Proceeds | The winning bid price for an artwork at auction, before any additional fees are applied. |
| Buyer's Premium | An additional percentage on top of the hammer price that is paid by the buyer to the auction house. |
| Net Proceeds | The final amount received by the consignor (the artist and gallery) after all deductions. |
A critical facet of the 'Artist's Choice' format is a built-in charitable component. Each participating artist selects a cause or institution they care deeply about to receive a donation. Specifically, 15% of the final hammer price from the sale of their work is directed to the chosen charity.
This charitable contribution is funded jointly, split between the auction house's buyer's premium and the net proceeds that the artist and gallery receive. This structure ensures a shared commitment to the philanthropic goal.
Transparency is a cornerstone of this approach. All consigning parties and beneficiaries are clearly and openly identified, ensuring audiences know exactly the origin of the works and the destination of the charitable funds.
The selection of artists for this initiative is a collaborative process. The auction house works directly with art galleries, who in turn propose artists from their roster. The final decision is the result of a collective dialogue between the artist, the gallery, and the auction specialists to determine which works are most appropriate to bring to market at a given time.
This model empowers artists and their gallerists to take a more proactive role in the auction world. It extends their influence beyond the traditional contexts of gallery shows and art fairs, allowing them to directly engage with and shape their presence in the secondary market, which has seen growing interest in contemporary and younger artists.
The collaboration offers clear advantages for artists and galleries, which can be broken down into two primary use cases. These scenarios address different stages of an artist's career and market position.
While the 'Artist's Choice' concept will be initiated at the 'Contemporary Curated' sale in New York, the vision for the program is global. The spirit of the initiative is designed to be scalable and adaptable.
The long-term goal is to extend this sales format into auctions around the world. This expansion is planned to happen on a rolling basis, integrating this new collaborative model into the broader auction calendar starting this fall.
