The right only applies if the resale price is the equivalent of
€1,000 or more and the royalty rate is up to four percent. The new
Artist's Resale Right Regulations implement the EU Artist's Re-sale
Right Directive.
Minister for Science and Innovation Lord Sainsbury observed that
the new right ensures a just reward for living British artists'
creativity while protecting the valuable UK art market.
"The balanced Government approach will benefit struggling
artists without placing a heavy administrative burden on the art
market and will minimise the risk that sales would be driven
offshore," he said.
The Directive required the Government to set the threshold at
which the royalty is paid at between zero and €3,000.
Eighty-eight per cent of works by living artists sold in the UK
in the €1,000 to €3,000 price range in 2003-2004 were by British
artists, according to the Government.
To protect the most valuable sector of the UK art market, which
is works by deceased artists, the UK Government negotiated a delay
in the application of the royalty to works by deceased artists
until 2010, with a possible extension to 2012. It says it will seek
to extend it indefinitely.
