Monday, July 14, 2008

Artists' Resale Right in the News [United Kingdom]

The Artists' Resale Right hit the news again recently thanks to a letter to The Telegraph from a host of prominent British contemporary artists (including Damien Hirst) calling for the right to be extended to the estates of deceased artists.

Introduced two years ago, the right gives living artists a 4% slice of any sale proceeds when their work is resold later in their career. Though the drop-off in the London art market predicted by auction houses when the levy was introduced does not appear to have hit the fortunes of Sotheby's et al, this interesting piece from The Economist underlines some of the drawbacks of the resale right as well as its advantages.

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