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An Economic Analysis of the Droit de Suite

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  • John Solow
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    Abstract

    The droit de suite, or resale royalty right, entitles an artist to a percentage of either the price received when her works are resold by their owners. This paper analyzes the effect of this law on the artist's production when early and late works are either substitutes or complements. By giving the artist an interest in the resale price of early works, the royalty provides a credible incentive to maintain value when later production decisions are made. Since the initial sales price capitalizes the stream of future values, the benefit of higher resale prices accrues to the artist. Copyright Kluwer Academic Publishers 1998

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    File URL: http://hdl.handle.net/10.1023/A:1007505016512
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Cultural Economics.

    Volume (Year): 22 (1998)
    Issue (Month): 4 (December)
    Pages: 209-226

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    Handle: RePEc:kap:jculte:v:22:y:1998:i:4:p:209-226

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    Web page: http://www.springerlink.com/link.asp?id=100284

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    Keywords: art and law; durable goods; resale; royalties;

    References

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    1. Filer, Randall K, 1986. "The "Starving Artist"-Myth or Reality? Earnings of Artists in the United States," Journal of Political Economy, University of Chicago Press, vol. 94(1), pages 56-75, February.
    2. Kahn, Charles M, 1986. "The Durable Goods Monopolist and Consistency with Increasing Costs," Econometrica, Econometric Society, vol. 54(2), pages 275-94, March.
    3. Nancy L. Stokey, 1981. "Rational Expectations and Durable Goods Pricing," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 112-128, Spring.
    4. Karp, Larry & Perloff, Jeffrey M, 1992. "Legal Requirements that Artists Receive Resale Royalties," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt33f9k5bw, Department of Agricultural & Resource Economics, UC Berkeley.
    5. Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, vol. 15(1), pages 143-49, April.
    6. Malueg, David A & Solow, John L, 1989. "A Note on Welfare in the Durable-Goods Monopoly," Economica, London School of Economics and Political Science, vol. 56(224), pages 523-27, November.
    7. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May.
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    Cited by:
    1. Henry Hansmann & Marina Santilli, 2001. "Royalties for Artists versus Royalties for Authors and Composers," Journal of Cultural Economics, Springer, vol. 25(4), pages 259-281, November.
    2. Banternghansa, Chanont & Graddy, Kathryn, 2009. "The Impact of the Droit de Suite in the UK: An Empirical Analysis," CEPR Discussion Papers 7136, C.E.P.R. Discussion Papers.
    3. Michael Rushton, 2001. "The Law and Economics of Artists' Inalienable Rights," Journal of Cultural Economics, Springer, vol. 25(4), pages 243-257, November.
    4. Bronwyn Coate & Tim R.L. Fry, 2012. "Better off Dead? Prices Realised for Australian Paintings Sold at Auction," ACEI Working Paper Series AWP-02-2012, the Association for Cultural Economics International, revised Feb 2012.

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