UK Dealers Bemoan EU Art Tax; US Lawmakers Introduce Droit de Suite Bill

  • US Capitol building

    US Capitol building

    Flickr, jcolman photo

British art dealers are lamenting the enforcement this January of a "droit de suite" which provides artists' heirs - within 70 years of their death - with a percentage of the re-sale price of their work.

The 70-year limit was introduced in 2006, but the UK delayed it until 2012. As much as 60% of art sales may be affected.

Currently, the second largest art market in the world, with an 18% share, the U.K. trails the U.S. in sales. However, some dealers fear that the new tax will cause major business transactions to move more to the U.S. and China.

The new law will affect artists' heirs in future sales with a sliding scale of payments from 4% of the sale price of cheaper items to 0.25% of the most expensive.

A droit de suite bill to provide living artists with resale royalties for auctioned works was introduced last week in the U.S. Congress.

According to The Art Newspaper, the Equity for Visual Artists Act of 2011 would set aside 7% of the price for works resold for more than $10,000 at major auction houses, with half the proceeds going to the artists and half to non-profit art museums.

The U.S. legislation is aimed at public auction houses with "over $25 million in sales the previous year."

Currently, 59 countries (and the state of California) have a droit de suite law.

This fall, artists filed three class action lawsuits against Sotheby’s, Christie’s and eBay for failure to pay royalties under the California law.

More News Feed Headlines

Richard Schmid's Yellow Roses brought $187,200.  Est.  $75,000-125,000,

Jackson Hole Art Auction Fetches Record $10M

  • September 15, 2014 22:33

The annual Jackson Hole Art Auction brought a record-setting $10 million on Saturday in Wyoming.

Read More

Part of the William H.  and Camille O.  Cosby Collection, this oil on canvas work by Henry Ossawa Tanner is titled "The Thankful Poor."

Bill Cosby Art Collection to Go View at Smithsonian

  • September 15, 2014 11:52

Comedian Bill Cosby and his wife, Camille, will showcase their collection of African American art ...

Read More

Jimson Weed (White Flower No.  1), 1932, by Georgia O'Keeffe

Georgia O'Keeffe Museum to Sell Three Works from Collection

  • September 12, 2014 12:00

The Georgia O’Keeffe Museum has announced that it is selling three works by the artist, including one of her iconic flower paintings...

Read More

Marguerite and the late Robert Hoffman shown with the red Rothko.

Judge Dismisses Dallas Art Collector's Suit Over Multi-Million Dollar Rothko

  • September 11, 2014 14:54

A Dallas judge last week dismissed collector Marguerite Hoffman's suit against financier David Martinez for breach of contract over the quick flip of a Mark Rothko painting.

Read More

Related Press Releases

Related Events from ArtfixDaily Calendar

ArtfixDaily Artwire