Do Artists Benefit from Resale Royalties? An Economic Analysis of a New EU Directive
According to a new European Union directive, artists, whose works are resold, are entitled to a share of the sales price. The principal aim of this initiative is to let the artists participate in the economic success of their work. Our analysis shows that the new directive is most likely to place the artists in a worse economic position. The analysis of the relation between the artist and his dealer as an incentive compatible contract leads to further objections against the new EU directive. However, the paper also illustrates under which conditions a resale royalty is, at least, an incentive compatible contract.
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- Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, vol. 15(1), pages 143-49, April.
- Schmidtchen, Dieter & Koboldt, Christian & Kirstein, Roland, 1997. "Rechtsvereinheitlichung beim "droit de suite"? Ökonomische Analyse des Richtlinienentwurfs der Europäischen Kommission," CSLE Discussion Paper Series 97-02, Saarland University, CSLE - Center for the Study of Law and Economics.
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