UK Droit de Suite Comes Into Law

"In case you took your eye off the ball, while everyone was popping their Champagne or Prosecco corks at midnight 2012, the EU Droit de Suite Artist's Resale rights came into effect, here in Britain. This is perhaps the most detrimental law, ever to be passed, since the UK was art market leader, back in the 1960's -1970's. At the beginning of 2011, the UK was the number two secondary market for Modern and Contemporary art, after the United States. It has since slipped into third place after China. British dealers and auction houses will now lose works of art to rival markets in New York, Geneva, Moscow and Hong Kong or wherever the European sales levy, known as Droit de suite is not implemented."  [Read Full Article]

Published by:  ArtLyst
On:  01/01/12
Website:  http://www.artlyst.com

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