New resale recoup rights for artists

The Minister for Jobs, Enterprise and Innovation, Richard Bruton, announced in the last week that the right to recoup a percentage of the proceeds of any resale of a work of art will extend to heirs of the artist for up to 70 years after the death of the artist.
This new entitlement comes in under a statutory instrument enacted from January 1, 2012.
Under a statutory instrument, which came into effect in 2006, creators of original works of plastic and visual art became entitled to a percentage of the value of the work of art every time it is resold through the professional market.
The law applies to all works of art worth over €3,000, and the percentage ranges from 4% of the work’s value at the lower end of the scale up to a maximum fee of €12,500.
Under the changes announced last Thursday, the right will extend for 70 years after the death of the creator of the work of art to the heir of the artist to whom a resale right is transmitted or deemed to be transmitted after his/her death.
This extension arises from a 2001 EU Directive. Ireland originally introduced the rights in 2006 and took advantage of derogation on the issue of extending the rights to heirs of the artist. This derogation was due to run out on December 31, 2011.
The resale right will apply to sales whose contract date is on or after January 1, 2012.