The planned implementation of resale rights for visual artists is being investigated by Parliament?s Culture, Media and Sport select committee. Under the terms of European Directive 2001/84/EC, as well as receiving first payment for works of art, artists will be given a small percentage of the profits made on the subsequent sales of their works.
The Directive must be enacted into British law by next January, with resale rights expected to range from 1% to 4% of the artwork?s resale value. The select committee inquiry will also look at ways of improving the conduct of financial relationships between artists and art market professionals and to make recommendations on the support offered by Government to artists seeking to produce new work.
Published: 14-02-2005