Visual Artists' Resale Royalty Bill

1. This bill allows visual artists to earn royalties when their artwork is resold for $5,000 or more. 2. Art market professionals must pay these royalties to designated collecting societies within 90 days of a sale. 3. The royalty amount is either 5% of the resale price or a maximum of $50,000, whichever is lower. 4. Collecting societies will distribute the royalties to artists or their heirs at least four times a year. 5. The bill ensures that artists or their successors continue to benefit from the resale of their work.

Visual artists and their heirs, especially those whose work is sold for high prices.