What is an artist’s resale royalty?

An artist’s resale royalty is a legal right that allows artists to collect a percentage of the sale of their artwork. This resale royalty, also known as “droit de suite” or “artist’s resale right,” is regulated and protected by Art Law in Florida and other states. Under Florida Law, eligible visual artists may receive royalty payments from the sale of their artwork once it is resold by the initial buyer. To be eligible for a resale royalty, the artwork must have been created by the original artist and must be bought, sold, or transferred for profit. The amount of the resale royalty is set by law and is based on the total sales price from any given artwork. If the artwork is sold for under €3,000, the artist is entitled to receive 4% of the sales price, and if the artwork is sold for over €3,000, the artist is entitled to receive 2.25% of the sales price. The artist is also entitled to receive a net resell price after taxes, fees, and commission are taken out. It is important to remember that, even if the artwork was not created in Florida, the artist still may be eligible to receive a resale royalty if the artwork is resold in the state of Florida. Additionally, the artist does not need to be a resident of Florida in order to collect the royalty. The resale royalty is meant to provide extra support for visual artists and encourage them to continue creating art.

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What is an artist’s resale royalty?

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