The New Art Dealers Alliance will launch a communal virtual fair, which will run online from May 20 to June 21.
The communal initiative will include 200 international galleries that have been financially impacted by the COVID-19 crisis, including 119 NADA members and 81 other galleries.
Among the participants are A.I.R. Gallery from New York, Bonamatic from Copenhagen and Proyectos Ultravioleta from Guatemala City, as well as XYZcollective from Tokyo.
Each participating gallery will present a series of artworks over the course of the month-long event, with organizers confirming that exhibitors will have the opportunity to share new artworks each week.
Additionally, "Fair" will feature a series of online performances, studio visits and talks to complement the artworks presented by participating galleries and artists.
The inaugural edition of "Fair" will follow an alternative profit-sharing model, which is "structured to facilitate mutual support within the art community and provide revenue to each of its participants during a time in which galleries have temporarily closed their physical locations."
Twenty percent of the sales realized during the fair will benefit a communal pool that will be distributed evenly among all exhibitors, while 50 percent of sales will go directly to the galleries who made them.
Participating galleries will also pay 10 percent of their sales to NADA in lieu of the typical participation fee for art fairs.
The remaining 20 percent will be pooled into a cooperative pot, which will be shared evenly among all participating artists at the end of "Fair."
"While many of these art spaces have been temporarily closed to the public, this new model provides an opportunity to showcase the best of contemporary art, while demonstrating our collaborative spirit and fostering mutual support for one another," Heather Hubbs, executive director at NADA, said in a statement to Artnet News.
In addition to launching the inaugural edition of "Fair," NADA has launched a relief program in response to the COVID-19 pandemic.
The initiative offers grants up to $5,000 to support commercial art galleries, non-profits, and alternative spaces working with contemporary art that have been deeply impacted by the health crisis.
Indeed, a new study conducted by The Art Newspaper revealed that around a third of galleries globally (33.9%) do not expect to survive the economic fallout of the global COVID-19 pandemic.