An economic and legal assessment of recent visual artists' reversion rights agreements in the united states

Abstract

The thematic framework for this paper came from an earlier paper co-authored by the late Dr. Jack W. Nickson and myself entitled, "The Economic Exploitation of the Visual Artist." It was the mission of that paper to establish the uniqueness of the visual artist's place in the market mechanism for art works, i.e., a basis for economic exploitation. The paper further addressed itself to the possible avenues for a policy solution to the economic exploitation of the visual artist. It is the intent of this research paper to re-examine some of the findings of the heretofore-mentioned paper as well as to trace the legal events which have occured to date. It is the purpose of this paper also to shed light on the economic implications of recent cases and legislative acts concerning visual artists' reversion rights. It has been recognized among scholars for quite some time that art is a unique form of property. Today we find that art is not only giving society utility through its traditional function of enhancing our culture, but has become, in recent years, an increasingly lucrative means forinvestment. It has been this increased interest in art works as investments that has brought to light the inadequacies in the body of law surrounding art. Thus, the emphasis on the rights of the artists. [4] Apart from copyrights (the right to control reproduction), artists' rights can be traced along two important avenues: the droit morale or moral right and the droit de suite or the proceeds rights. Over 63 countries throughout the world have recognized the special relationship which exists between the artist and his art work and have developed laws to protect that bond. When the artist's rights are of a personal nature they generally are referred to as "moral rights" or as they are known in Europe les droits moraux . Essentially the moral rights of an artist include: