Senators want to introduce the resale right in the U.S.

Last week congressman Jerrold Nadler and senator Herb Kohl introduced a new bill, named ‘The Equity for Visual Artists Act 2011’(EVAA). This bill introduces a resale right, which already exists in many European countries. The resale right is intended to ensure the visual artists the economical success of their original artwork. It provides the artist a right to receive a royalty based on the sale price obtained for any resale of the work. The artist will benefit from the sales and gets a share in the profit of his artwork.

When EVAA is accepted, it requires large art auction houses to pay 7% royalties on the sales of artworks that cost over $10,000. This rule would only apply to artworks by living artists, and deceased artists whose works haven’t entered the public domain yet. Only the auction houses with annual sales of $25 million or more would have to pay these royalties. Furthermore, the rule will not apply to auction sites that operate only online, private sellers, art dealers and galleries.

Many European countries already know a resale right, implemented by Directive 2001/84/EG. In the Netherlands, the resale right is implemented in Article 43 and further of the Dutch Copyright Act.

Reference: Los Angeles Times

By: Deniece Teterissa