What is an artist resale royalty agreement?

An artist resale royalty agreement, sometimes referred to as a droit de suite, is a law that ensures artists receive a percentage of proceeds when their artworks are sold on the secondary market. This law applies to both original works of art and limited edition prints. In Nebraska, this agreement is governed by the Nebraska Artist Resale Royalty Act. The Act requires that the artist receive five percent of the sale proceeds of works sold for more than two hundred fifty dollars. The royalties are paid to the artist or their heirs within thirty days of sale. The royalty is paid by the gallery or auction house selling the works, who then bills the purchaser for the amount due. The Artist Resale Royalty Act was enacted to protect artists and ensure they are fairly compensated for their work, even when it is resold. This helps to encourage new artists to create and invest in their creative pursuits by providing them with more consistent income. This also incentivizes collectors to find new artists to invest in. It is a win-win situation for both parties involved.

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What is an artist resale royalty agreement?

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