New Bill Proposes Auction Royalties for Artists
When a collector makes a hefty profit in reselling a contemporary painting or sculpture, the artist rarely benefits. Hoping to change that, three lawmakers introduced legislation on Wednesday that would allow artists to share in those proceeds. The bill proposes that artists receive 5 percent of the price of art that is resold at public auction for more than $5,000. Named the American Royalties Too act (so as to have the catchy abbreviation A.R.T.), the bill is a revised version of legislation that Representative Jerrold Nadler of New York, the ranking Democrat on the Courts, Intellectual Property, and Internet subcommittee of the House Judiciary Committee, introduced in 2011.