Resale Right The “Resale Right”, or droite de suite, is the right that entitles authors of visual works and manuscripts to receive a percentage on the sale price of their original works, in all sales successive to the first. By law n.39 of March 1st 2002, on the “Provisions for the fulfillment of obligations deriving from Italy’s participation to the European Union- Community Law 2001”, the State had to pass a decree for the implementation of the directive 2001/84/UE on resale right. This has been achieved through Legislative Decree n.118 of February 13th 2006 regarding the “Implementation of the directive 2001/84/UE on Resale Right”, published on the Official Journal general series n. 71 of March 25th 2006 and effective starting April 9th 2006. The decree establishes that the remuneration must be paid by the seller and must be paid for all sales successive to the first one, to which a professional of the art market, in his quality of seller, buyer or intermediary, participates in. As a result, all galleries, auction houses and art dealers are subject to the payment of the remuneration, while private transactions are excluded. The remuneration is calculated on a percentage of the sale price, according to the category it falls into. Normally when referring to works of art, all original artistic creations are included in the definition, such as: paintings, collages, drawings, incisions, prints, lithographs, sculptures, tapestries, ceramics, glass works, photographs, and all other original art works, including manuscripts. Siae is entrusted with the responsibility for collecting the resale rights, even if the beneficiary is not a member. Siae already receives the rights of its members from foreign authors’ societies of countries where the resale right has already been introduced. For all important aspects of the new decree, please read the informative report below. WORKS SUBJECT TO RESALE RIGHT (Anonymous and Pseudonymous works are included) Original visual art works such as paintings, collages, drawings, engravings, prints, lithographs, sculptures, tapestries, ceramic, glass works, photographs and original manuscripts; Copies of visual artworks produced in limited number by the author himself, or under his authority, provided that the are numbered, signed, and authorized by the artist. REMUNERATION The remuneration is calculated on a percentage of the net sales price, which varies according to the category it falls into: 4% if the sale price is between € 3.000,00 and € 50.000,00; (*) 3% if the sale price is between € 50.000,01 and € 200.000,00; 1% if the sale price is between € 200.000,01 and € 350.000,00; 0,5% if the sale price is between € 350.000,01 and € 500.000,00; 0,25% for sales over € 500.000,00. The total remuneration cannot exceed € 12.500,00. (*) Sales done after March 21, 2008 will be dealt with according to art. 11 of Law nr. 34/2008, which modifies the wrong implementation of UE Directive n. 84/2001 E.C. where this latter allowed an exemption on the first 120,00 Euros of resale right to be paid. CALCULATION OF THE REMUNERATION WHO MUST DECLARE THE SALE TO SIAE Auction houses, art galleries, art dealers who participate in the sale either as sellers, buyers or intermediaries. N.B.: The remuneration is deducted from the seller proceeds. OPERATIONS SUBJECT TO RESALE RIGHT All sales of artworks and manuscripts with prices above € 3.000,00, in which either a seller, a buyer or intermediary or art specialist intervenes. If the price is less than € 10.000,00 and the (professional) seller purchased the work directly from the author less than three years prior to the resale, no remuneration is owed. Unless proper documentation from the seller is submitted, it will be assumed that the sale happened over three years from the purchase. RESALE RIGHT BENEFICIARIES Italian authors and authors of the European Union and their heirs. In case no relative below the sixth degree is found, all proceeds are handed over to ENAP. For authors who are not members of the European Union, the remuneration is paid under mutual terms. If they reside in Italy, however, mutual term conditions are ignored. DURATION OF PROTECTION Protection lasts throughout the author’s life and until 70 years after his death. Resale Right is inalienable and cannot be renounced, not even beforehand. SALE DECLARATION Through the web, after signing a contract; By submitting form mod. DDS01; PAYMENT METHODS Bank payment notice; Credit Card; Wire Transfer.