Resale right 

Now that the new (?) Labor Federal Government is planning to introduce a resale right for visual artists, you may want to review the Intellectual Property Institute's report on the operation of the UK right ... 

IPKat reports here; full report here (pdf)

It turns out that the sky hasn't fallen in (or the auction market moved to New York entirely) yet - the authors report that, when the scheme gets extended in 2012 from living artists to include those who have been dead for less than 70 years, "art market professionals" predict that there will be significant damage to the UK market through diversion of trade "elsewhere".

The authors estimate that about GBP2.5 million is being collected annually, with 80% of the proceeds going to the top 100 beneficiaries; the median payment to artists is GBP 256 - hope they don't blow it all at once!

Apparently, it cost GBP 1 million to set the scheme up and GBP50,000 to run each year.

Posted: Friday - 04 April, 2008 at 04:15 PM         |

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