Proposal Made on Auction Royalties for Artists

February 27th, 2014

U.S. Lawmakers have put forth a proposal that would pay 5% of any auction proceeds to the creator of the work on sale.  The royalty proposal looks to bring U.S. art auction procedures in line with those of the European Union, and would cap royalties at $35,000 for a work.  “Just as our copyright laws extend to musicians and authors to encourage their artistic creativity, they should also apply to our visual artists,” sponsoring Senator Tammy Baldwin says. “The ART Act is a common-sense measure that helps protect the intellectual property of our artists.”

Read more at Wall Street Journal