News ? Art report

Parliament?s Culture, Media and Sport select committee has urged the Government to overhaul legislation relating to the visual arts market and to ?commit itself to a flourishing arts scene?.
The committee?s scrutiny explored ways of encouraging new work to ensure that all artists feel the benefits of Britain?s booming arts market. The investigation focused on artists? resale right (droit de suite) whereby, as well as receiving first payment for works of art, artists will be given a percentage of the profits made on the subsequent sales of their works. The committee recommends that the threshold at which the resale right applies should be set at ?1,000, with a royalty rate of 5% on work valued up to ?50,000.