What is an artist resale royalty agreement?

An artist resale royalty agreement is a legal agreement between an artist and a collector or dealer that allows the artist to receive a percentage of the selling price of any artwork they created for a certain length of time. This type of agreement is often used to protect the rights of artists who are not as well-known or established in the art world, allowing them to receive compensation for their work if it is sold to a collector or dealer. In North Dakota, an artist resale royalty agreement is governed by the Visual Artists Rights Act, which requires that a contract be in place between the artist and the collector or dealer before the artwork can be sold. This agreement will outline the terms of the sale, including the royalty rate, length of time the royalty agreement will be in effect, and other rights the artist has in relation to the artwork. The agreement is typically drafted with an attorney to ensure the rights of the artist and the collector or dealer are protected.

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What is an artist resale royalty agreement?

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