WINTER 2007

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A Virgin's Guide to the Artist's Resale Right The French have been at it for years, so too have the Germans and now it's the UK's turn. Since February 2006 UK artists and visual creators have been entitled to resale royalties each time their work is resold by a gallery, art dealer or auction house. But before you go rushing to your nearest art market professional demanding your dues there are some important qualifying criteria: Your work must have sold for more than €1000 (approx £680) You need to be a national of the UK, the European Economic Area or from another participating country Art works sold for the first time or sales between private individuals do not qualify And now for the finance bit...Your resale royalty is calculated as a percentage of the sale price. From 4% (for works of €0 - €50,000) right down to 0.25% (for €500,000 plus). The royalty is also capped at €12,500 (approx £8,500) which kicks in for resales around £1.4 million. By law your royalty can only be collected through a registered collecting society such as DACS. We take away the administrative burden and promise to pay all registered artists within 30 days of collection. To cover our administration costs we charge all artists 15% of UK royalties (but 0% on foreign monies). The resale right celebrates its 2nd birthday next year and contrary to initial doubts, its proving to be quite the success story. To date, DACS has collected £4 million and paid over 1000 artists. And although you won't be able to take your royalties with you when you die, in future your family and loved ones will be able to benefit from your resale royalties when the right is extended to beneficiaries as per copyright. DACS will be giving Artist's Resale Right seminars in Bristol, Manchester and Newcastle in the coming months which are free to attend. Find out more about the Artist's Resale Right at: www.dacs.org.uk/resale or contact us: T.0845 410 3 410   E. arr@dacs.org.uk  back

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