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Archived updates for Monday, February 20, 2006

UK Implements Resale Royalty Right

Starting February 14, when an artist's work is resold on the UK art market for the equivalent of €1,000 or more, he or she will receive a royalty of up to four per cent of the sale price. The regulations have been introduced to comply with the EU Artist’s Resale Right Directive.
With regard to works by deceased artists, the UK Government successfully negotiated a delay in the application of the royalty to works by deceased artists until 2010, with a possible extension to 2012, and "will seek to extend it indefinitely."

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