What is an artist resale royalty agreement?

An artist resale royalty agreement is a contractual agreement between an artist and a gallery, museum, or dealer in the state of Colorado, designed to help protect and promote the financial security and interests of the artist. This agreement ensures that the artist receives a certain amount of money when their artwork is resold. This is done by authorizing a portion of the profits gained from the artwork’s resale to be directed to the original artist. The resale royalty amount is usually around five or six percent of the artwork’s sale price, although this can vary depending on the contract. This agreement applies to works of art, such as paintings, photographs, sculptures, and prints, that are resold. It does not apply to digital art, because digital art is typically not resalable. The terms of the agreement are outlined in the artist’s contract, and the payment of the resale royalty is typically managed by an organization called the Artist’s Resale Royalty organization. This organization is responsible for keeping track of the sales of artwork and distributing the payments to the artist. The Artist Resale Royalty Agreement helps to protect artists from a potential lack of financial security when their artwork is resold, allowing them to continue creating artwork without feeling like they are missing out on potential income. It is an important part of art law in Colorado, as it helps to promote the financial security of artists and the art industry as a whole.

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What is an artist resale royalty agreement?

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