‘Buyers beware! … You may owe re-sale right royalties’

“November 2018 is most certainly a good month for the auction house Christie’s. Last week, Christie’s recorded the highest sale for an artwork created by a living artist. ‘Portrait of An Artist (Pool with Two Figures)’ by David Hockney, sold for $90.3m, beating Jeff Koons’ ‘Balloon Dog’ ($58.4m). Two weeks before the record sale, the auction house won a tortuous legal battle over which party has the burden of the re-sale right royalty, ruling in favour of the seller (Christie’s) and thereby overturning the position in place since 1920 …” (more)

[Mathilde Pavis, The IPKat, 19 November]

First posted 2018-11-19 15:41:25

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