Distribution of resale royalties achieves 99% success
DACS has paid artists more than 99% of the £1.2 million of resale royalties collected for Artist’s Resale Right in 2006.
Six years after the first collections of this new Right, there remains £8,183 of royalties for artists who have not been found. Only £5,850 of the undistributed royalties relate to sales which took place in the UK by just seven art market professionals.
“We are delighted that we have successfully found and paid so many artists their resale royalties,” says Gilane Tawadros, Chief Executive. “This result reflects the diligent work done by our team who have worked hard to find artists who were not aware of the royalties owed to them.”
DACS’ team dedicated to finding artists has received training from experts in tracing missing heirs and beneficiaries. Plans are in place to expand the team following the full implementation of the Artist’s Resale Right earlier this year.
As a not-for-profit organisation, DACS does not intend to retain these undistributed royalties for more than six years. After consultation with art market professionals, DACS has set out its plans for the repayment of these funds:
• Royalties reaching the six year threshold will be paid back to art market professionals at the end of each year. For example, royalties remaining undistributed from 2006 will be returned at the end of 2012.
• In situations where the cost of the royalty was passed on to the buyer or seller of the art work, art market professionals will be asked to return the royalty to the person who originally paid it.
• DACS will retain 15% of the royalties, representing the administration charge placed on all resale royalties. This charge covers DACS’ cost of administration and the cost of the process DACS undertakes to search for artists to whom royalties are owed.
The undistributed royalties relate to 116 sales of works by 92 artists, with an average resale royalty of £70.
Since the Artist’s Resale Right was introduced in the UK in 2006, artists have received more than £14.6 million in resale royalties. From 1 January 2012 the Right was extended to include the family and beneficiaries of deceased artists (up until 70 years after the death of the artist).
Director of Communications
Design and Artists Copyright Society (DACS)
33 Great Sutton Street
London EC1V ODX
T: +44 (0)20 7553 9052
F: +44 (0)20 7336 8822