Artist's Resale Rights Scheme ( Droit de Suite)

Following the UK’s implementation of the EU Artist’s Resale Rights directive in February 2006, living artists are entitled to receive a resale royalty each time their art work is sold in the UK by an art market professional, subject to certain conditions. This payment is calculated on qualifying works of art which are sold for a hammer price more than the UK sterling equivalent of 1000 Euro (EUR). The UK sterling equivalent will fluctuate in line with prevailing exchange rates.

The actual qualifying threshold will be calculated by the Artist’s Resale Rights Service Hub based on the European Central Bank reference rate published at 2.15pm on the day of the sale, and can be found on www.dacs.org.uk.

The royalty charge will apply if the hammer price is more than the UK sterling equivalent of EUR 1000. The royalty charge will normally be added to buyer invoices, and must be paid before items can be cleared. Some auctioneers will choose though to split the charge between the buyer and the vendor. Some auctioneers may pass the entire charge to the vendor. Please check with the auctioneer as to which scheme they are running. All royalty charges are paid to the Design and Artists Copyright Society (“DACS”) by the auctioneers, and no handling costs or additional fees with respect to these changes will be retained by the auctioneer.

Artists resale right is a percentage of the hammer price calculated as follows:

Portion of the hammer price (Euro’s EUR)

Royalty rate

0 to 50,000

4%

50,000.01 to 200,000

3%

200,000.01 to 350,000

1%

350,000.01 to 500,000

0.5%

Exceeding 500,000

0.25%

VAT is not payable on this royalty charge.

Revised 5th December 2008.