This bill helps visual artists earn money from the resale of their artwork, ensuring they receive fair compensation even after the initial sale. It recognizes the ongoing value of artists' work in the market.
If you are a visual artist, you could earn money every time your artwork is resold in the future.
Who this affects
Visual artists · Heirs of artists
What changes is this bill making?
1This bill allows visual artists to earn royalties when their artwork is resold for $5,000 or more.
2Art market professionals must pay these royalties to designated collecting societies within 90 days of a sale.
3The royalty amount is either 5% of the resale price or a maximum of $50,000, whichever is lower.
4Collecting societies will distribute the royalties to artists or their heirs at least four times a year.
5The bill ensures that artists or their successors continue to benefit from the resale of their work.
