Simon de Pury has resigned after 12 years as chairman of New York auction house Phillips de Pury & Company, which he co-founded, effective today. De Pury is also well known for his role as a "mentor" on the Bravo reality-based show "Work of Art: The Next Great Artist."

A statement from the auction house does not indicate what de Pury's future pursuits will be. Mercury Group, Russian luxury retail company, has acquired of de Pury's remaining interest in the company after buying the majority in 2008.

De Pury began his career at Sotheby's in 1974 and worked in the auction house's London and Monte Carlo offices before opening the Sotheby's office and auction venue in Geneva. From 1979 until 1986, de Pury was curator of the Thyssen-Bornemisza Collection.

He was appointed chairman of Sotheby's Switzerland in 1986 and later became chairman of Sotheby's Europe. In 1997, Mr. de Pury left Sotheby's to co-found auction house De Pury and Luxembourg Art with Daniella Luxembourg. In 2001 this company merged with auction house Phillips Auctioneers to become Phillips de Pury & Company, which focuses on contemporary culture. In January, according to the auction house's statement, it will revert to the name Phillips.