12.16.05 Andy McSmith and Louise Jury report for The Independent that, from next month, any art dealer, gallery, or museum that buys an original work from an artist and resells it for more than €1,000 ($1,200) will have to pay the artist a royalty. In most cases, the royalty will be four percent of the sale price, but will taper downwards on works valued at £50,000 ($88,590) or more, with the maximum payment being £12,500 ($22,147), the UK Patent Office announced yesterday. The decision follows a European directive aimed at protecting artists whose work can rise in value after they have sold it and brings Britain into line with some other countries in Europe where artists already had a resale right.
Read the whole story on the Independent