Copyright Law

"All buyers must also sign a contract with extensive conditions. They must agree not to resell the work at auction for at least five years; if they do want to sell, they must give the artist right of first refusal; and, if they sell to someone else, they have to give 15 percent of the upside back to the artists."

By Intellectual Property Law, Esq.

A contractual resale royalty is in place for "'Say It Loud (I?m Black and Proud),' an online selling exhibition at Christie?s that opened on July 31 and is dedicated to the promotion of Black art."

Arlene Dávila tweets: "Great example of how curators can advocate for artists' resale royalty rights. Let's stop the speculation & the unequal model where only collectors/speculators benefit from the evaluation of artists' works."

The Christopher Sprigman view of this would be that it will to some extent suppress the price buyers are willing to pay for the works in the auction (i.e., that you would pay for more for an asset that comes with no strings attached than you would for the same asset with these conditions).

Sergio Muñoz Sarmiento: "One thing that really annoys me is how articles like this get written with absolutely no mention of well-known historical precedents, like Robert Projansky?s and Seth Siegelaub?s The Artist?s Reserved Rights Transfer And Sale Agreement, from 1971. God forbid there would be any mention of Hans Haacke or Michael Asher."

A while back, musician and art collector Swizz Beatz had a proposal for an auction house-based resale royalty scheme, mentioned here.

Full post as published by The Art Law Blog on August 15, 2020 (boomark / email).