The Independent reports that the Patent Office has announced exactly how the new artist’s resale right will work. The resale right implements the EU Directive and will come into force for living artists in January 2006. Heirs of deceased artists won’t benefit until 2010.
Under the new regime, artists will benefit when any work is sold for over 1,000 euros (approximately £680). Generally, the royalty payable will be 4% of the sale price, but this amount reduces where a work is sold for over £50,000. The maximum payable royalty is capped at £12,500.
Although auction houses have expressed unhappiness at the system, arguing that it will encourage art-sellers to put their works on offer in Switzerland and the US, artists are welcoming the development. In particular, the 1,000 euro starting point has been praised since it will allow less popular artists to benefit. It was previously feared that a 3,000 euro starting point would be imposed.
The IPKat echoes the sentiment expressed by DACS, that the introduction of the droite de suite is fair, since it allows artists to gain royalties upon the sale of their works, like authors and musicians do.
Saturday, 17 December 2005
Posted by Unknown at 8:31:00 pm