THIS IS THE NEWS!
25 Year Old Artist beats Hirst and Emin in new art royalties law.
The young British Artist, Stuart Semple, 25, is set to receive the largest single payment to a living artist under new government legislation. Of all the living artists in the UK, some of which are incredibly famous and wealthy, Stuart Semple will receive the largest single payment. The scheme was intended to help young artists and it seems to have worked. The new law states that artists are entitled to a percentage of the resale value of their paintings, Stuart is set to receive the largest payment due to the rocketing value of his works.
DACS have campaigned for over ten years for droit de suite (as it is internationally known) on behalf of UK artists, to receive a royalty payment whenever their works are resold on the secondary market. Much like the royalties musicians currently receive. Stuart Semple is delighted to be one of the first to benefit. DACS, the Design and Artists Copyright Society closely monitor sales of art works that take place, not just throughout the UK, but also overseas. Ensuring that from 14th February 2006 living artists are legally entitled to receive a resale royalty each time their work is resold by, or to an art market professional.
Speaking after his notification of the payment by DACS, who contacted him personally as his enumeration was so considerable; Stuart was pleased to see that the scheme had finally come in effect:
“It’s lovely to think that the creator of the art object will be remembered once the work makes it out into the market place. Quite often the passion and creative sprit that is incumbent in a works creation is lost in the market. I see the royalty as a way of recognizing the talent that has enabled that piece to escalate in value.”