Thursday, December 15, 2011

"Visual artists deserve a share in the sales and resales of their creative works." (UPDATED)

The NYT's Patricia Cohen reports that resale royalty legislation has just been introduced at the national level:  the proposal is to "set aside 7 percent of the price of artworks that are resold for more than $10,000 at auction houses," half of which would go to the artist and "the other half to nonprofit art museums."

Some related posts here, here, and here.

UPDATE:  More from Helen Stoilas in The Art Newspaper:  "The legislation, as it stands, would only apply to the resale of works at public auction houses 'with more than $25 million in sales in the prior year'. Auction houses that operate only online would be excluded, as would private galleries."