What is an artist resale royalty agreement?

An artist resale royalty agreement is a contract between an artist and the purchaser of the art that ensures the artist will receive a royalty when the artwork is resold. This agreement is beneficial to both parties because it allows the artist to continue to receive some form of income from their artwork even after it has been sold. In Oklahoma, an artist resale agreement is governed by the Oklahoma Artist Resale Royalty Act of 2017. This act states that when artwork is sold for a total sale of $10,000 or more, the artist is entitled to receive a royalty of 5% of the sale amount. The artist resale royalty agreement can be drafted between the artist and the purchaser and must be signed by both parties. It should outline the total sale amount, the royalty percentage to be received, and the percentage of the royalty that is to be paid to the artist. It also outlines any other conditions or provisions related to the agreement. An artist resale royalty agreement provides a fair and balanced approach for the artist to be compensated for their work, while still allowing the purchaser the right to resell the artwork in the future.

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What is an artist resale royalty agreement?

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