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The Resale Royalty Right of EU and Legislation for the introduction into our copyright law.

  • Journal of International Business Transactions Law
  • Abbr : IBT
  • 2021, (34), pp.43-64
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law > Private Law > International Commercial Transactions Law
  • Received : June 30, 2021
  • Accepted : July 20, 2021
  • Published : July 31, 2021

Choi, Sang Pil 1

1동아대학교

Accredited

ABSTRACT

In Europe, where the Resale Royalty Right is already settled, if an art dealer or auctioneer is involved as an acquirer, seller or broker in relation to the resale of the original artwork, the seller is required to pay a certain amount of the resale price to the author, but In Korea the Resale Royalty Right has not been introduced yet. The introduction of the Resale Royalty Right has the advantage of ensuring the economic benefits of artists and their descendants to some extent depending on their protection period. However, in Korea, which has a different artistic environment from Europe, the hasty introduction of the Resale Royalty Right could further dampen the art auction market, which could worsen the artist's profit structure and cause a outflow of domestic capital. Nevertheless, rather than unconditionally hesitating to introduce the Resale Royalty Right due to these negative aspects, it is desirable to seek legislation of the right to compensate for shortcomings and maximize advantages through active discussions. Consequently, in this work, a legislative proposal was presented to add new and detailed regulations on the Resale Royalty Right to our copyright law by referring to foreign precedents and analyzing strengths and weaknesses.

Citation status

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