Saturday, June 10, 2023

UK Droit de Suite Comes Into Law

Midnight, January 2012. Via Artlyst:

The Resale tax allows heirs of artists who died in the past 70 years to get a share in the resale of works of art. Under the legislation, art dealers and auctioneers will have to pay the heirs, or estates up to four per cent of the sale price of artworks over €1,000 (£840). Each time you bid on a lot covered by the ARR, you agree to pay an amount equal to the resale royalty, “if you are the successful bidder. This amount will be added to your invoice”,Our Conditions of Sale have been amended accordingly”; Christie’s have stated. The maximum amount payable is a hefty €12,500 on each lot purchased.

Should every artist be happy about this? Not so, says Artlyst,

This in principle sounds fine, but in real terms, the only ones who stand to profit are the super rich artists like Damien Hirst and Tracey Emin or the elitist estates of Picasso, Lucian Freud and Francis Bacon. …In the bigger scheme of things, questions should be raised as to what this means for younger and mid-career artists.

Are resale rights an analogous to copyright laws?

Follow this link if you’re interested on a European study on the effects of resale rights. And follow this link if you’re interested in the U.S. version of resale rights, and the recent California lawsuits.


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