Tag Archives: resale royalty

stephen j goldberg los angeles lawyer chuck close self portrait II 2011 oil on canvas

ART BRIEF: Is California’s Resale Royalty Act Doomed?

stephen j goldberg los angeles lawyer chuck close self portrait II 2011 oil on canvas California Resale Royalty

Chuck Close, Self-Portrait II, 2011, oil on canvas

In May of this year, headlines trumpeted that the contemporary art auctions in New York hit a new record of over $1.2 billion in sales for the major auction houses. There’s no doubt that a fair number of sellers of these marquee artworks were California residents. And that means that hundreds of thousands, perhaps millions in those proceeds, were due to the artists under a little-known (and now challenged) California law. Even though these sales by California sellers were made in New York, the artists would have been entitled to a 5% royalty on the sales price under the California Resale Royalty Act (CRRA).

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