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Business News (more headlines) 11-24-2012

GESAC Welcomes The European Parliament's Resolution On The Resale Right

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On 20 November, the European Parliament adopted in plenary session a Resolution on the implementation of the Directive on artist's resale right (2001/84/EC). GESAC welcomes this Resolution which highlights the importance of resale right to artists and their successors-in-title and the significant contribution the art market makes to the global economy.

Authors of graphic, plastic and photographic arts derive most of their income from sales of original works. Resale right allows creators and their heirs to participate in the economic success of their works on the art market by receiving a share of the transaction prices. Resale right which is an author's right recognized by the Berne Convention is also a major source of information for artists to see how their career is progressing, sale by sale.

The European Parliament rightly stresses that the resale right guarantees continuity of pay for artists, who very often sell their works at low prices at the start of their careers.

GESAC Director General Véronique Desbrosses said: The harmonisation of the resale right at EU level has been largely beneficial for artists. As the market is globalizing, it is time now to extend this crucial right to other key arts markets such as China and the USA and, as stressed by the European Parliament, to strengthen the European art market's position in the world".


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