PURCHASING
Pricing
All prices are quoted and payable in Pounds Sterling and include VAT and any charge as may be applicable under The Artists Resale Right Regulations 2006 (see below).
Methods of Payment
Payment can be made in Pounds Sterling by cleared personal cheque or inter-bank transfer.
Shipping & Insurance
Prices exclude the cost of shipping and insurance which can be arranged anywhere in the world. Should you require this, we will be pleased to obtain a quotation for you from our specialist art shippers, Alban Shipping, whom you can then deal with directly or via Albany.
Any import duty and/or customs clearance charges are the responsibility of the client.
Artist’s Resale Rights (ARR)/Droit de Suite
Under the Artist’s Resale Right Regulations 2006 (Statutory Instrument 2006 No. 346 of 13th February 2006), also referred to as Droit de Suite, living artists who are nationals of an EEA country or certain other countries (see below) are entitled to receive a re-sale royalty each time their work is sold by or to an art market professional, defined as “any individual acting in the course of a business of dealing in works of art”. In practice this includes, but is not limited to, galleries, dealers, auction houses, agents and other intermediaries.
Any such work selling for 1000 euros or more (approximately £750 Pounds Sterling) is subject to an additional charge as specified below:
| Portion of the Sale Price | Percentage |
From 0 to 50,000 euros |
4% |
From 50,000.01 to 200,000 euros |
3% |
From 200,000.01 to 350,000 euros |
1% |
| From 350,000.01 to 500,000 euros | 0.5% |
Exceeding 500,000 euros |
0.25% |
|
The total amount of royalty payable on the sale
shall not in any event exceed 12,500 euros |
|
The royalty rates are dictated by law and are not subject to negotiation
The qualifying threshold is defined in euros. In the UK this is €1000, which is approximately £750, although the royalty in Pounds Sterling varies from day to day according to the fluctuating exchange rate set by the European Central Bank: “The sale price is the price obtained for the sale, net of the tax payable on the sale, and converted in euro at the European Central Bank reference rate prevailing on the contract date”. For galleries, dealers and agents this is the sum paid by the buyer (exclusive of VAT) relating to the art work.
Where the Artist’s Resale Right is applicable, Albany include the royalty charge in the quoted price – indicated by ‘ARR’ next to the price. Please note that we reserve the right to adjust the selling price to reflect the royalty payable should the exchange rate have fluctuated significantly as at the date of sale.
As with the procedure for VAT payments, payment rests with the ultimate purchaser and Albany are legally responsible for collecting the appropriate royalty and paying it to the collecting society, the Design & Artists Copyright Society. Albany will provide you with written confirmation that the royalty has been paid on your behalf.
Copyright is granted automatically to authors of original artistic works and lasts for the lifetime of the artist plus 70 years after his/her death.
Only living artists currently qualify for Artist’s Resale Rights. It had been planned that the same right would be extended to deceased artists from 2010. However, in January 2009, the UK Government announced that it had notified the European Commission that it would not apply Artist’s Resale Right to the heirs of dead artists until 2012.
| COUNTRIES THAT OPERATE ARTIST'S RESALE RIGHTS | |
| |
Countries outside the EEA whose nationals may enjoy resale rights |
Austria +
Liechtenstein * Norway *
|
Algeria |
| + | The Artist’s Resale Right will not apply in these countries on sales of works by deceased artists until 2010 at the earliest. |
| * | These countries are in the EEA, but are not members of the European Union. |
