The UK Patent Office is currently consulting on the implementation of the
EU directive on the resale right for artists. The new legislation will entitle
artists to up to €12,000 for each sale subsequent to their first transfer
of the work and will become law in the UK no later than 1 January 2006. Dealers,
auction houses and artists alike should be aware of how the new legislation
will affect them with a view to identifying and developing the necessary record-keeping
and payment procedures.
The UK has long been a prestigious marketplace for the sale of contemporary
art and has become an international shop-window for desirable pieces by offering
favourable conditions to foreign sellers seduced up until now by the absence
of resale royalties for artists and reduced VAT levies on imported works. For
years French and German dealers have chosen to send valuable works across the
channel for precisely this reason.
If you are a dealer, an auction house, an artist, or think you may be affected
and would like to get involved in the consultation or find out more about how
the new legislation will impact upon your business, contact Rachel Payne.