US Congress lobbied over resale rights | The Art Newspaper

This is a very interesting article on the proposed legislation which would give artists a percentage of any resale sales of their work from the auction market.  This would not apply to galleries or private sales, because they are private.  Auction houses would pay a tax, which would benefit the artist.  In my opinion, both as an artist and appraiser and consultant, I think this would be detrimental to the contemporary art market.  Most living artists would most definitely Not benefit from this – in any way.  Buyers would be wary of collecting contemporary artists because of possible future penalties or taxes and only the top 1% of artists of all time (whose work regularly sells at auction) would benefit.  What do you think?

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