IP & Art

In fact, there is also a statistic that the return on investment for art over the past 10 years has averaged 7% per year. However, the fact is that the art transaction is being conducted negatively. There are many people who argue for the introduction of a ‘resale royalty right’ in order to increase the transparency of art trade and protect art copyright, mainly in the art world and academics.

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The resale royalty right was derived from the French term 'Droit de Suite'. Translated into English, it is ‘Right to follow the Work’. This refers to the right of the original author to claim compensation at a certain rate in the case of the sale of his/her artistic work even after he/she sells the work.

Historically, artists often sold their works at low prices due to the poverty of their lives. Van Gogh left about 880 oil paintings during his short life of 37 years, but only one painting was sold in his lifetime, and sold for 400 francs (about $30) in 1888 is the only one. During his lifetime, Van Gogh's paintings were rejected by critics as 'barbaric'. Of course, Van Gogh's work cannot be put at a price now.

The painter Degas compared the painter to a 'winning horse race' and satirizes the reality of a poor artist, saying, "When a horse wins a horse race, only the owner of the horse becomes rich, and the horse eats hay."

In another case, Jeanne, a Modigliani lover, sold her Modigliani paintings at a low price because she could not stand her poverty, but when he died, she was shocked to see that his paintings were sold at a huge price and committed suicide. This subject was later made into a film. It is said that some painters held fake funerals in a hope that the price of their works would rise.