Bill > HR4017

This bill proposes a comprehensive new system for providing resale royalties to visual artists, establishing a legal framework that requires art market professionals to pay artists a percentage of the sale price when their artworks are resold for $5,000 or more. The bill defines key terms such as "art market professional" and "resale copy" and mandates that artists (or their successors) receive 5% of the resale price, up to a maximum of $50,000, which will be adjusted annually for inflation. Visual artists' collecting societies will be responsible for collecting and distributing these royalties, with specific rules for how funds are distributed to artists or their heirs. If an artist or their successor cannot be located, unclaimed royalties will be held in escrow for three years and then transferred to the Copyright Office to support artist education and development. The bill covers both U.S. artists and artists from countries that provide similar resale royalty protections, and it includes provisions for enforcement, such as allowing artists or collecting societies to sue for unpaid royalties. The legislation is designed to provide artists with ongoing compensation for their work, recognizing that visual artworks can appreciate in value over time, and aims to align U.S. copyright law with practices in many other countries that already recognize artists' resale rights.

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https://www.congress.gov/bill/119th-congress/house-bill/4017/all-info