The resale right of an original work of art (in English known as re-sale right) is the right every creator has been granted to receive a percentage of the resale price of each of his/her original work.
This right is inalienable, which means that no creator cannot disclaim or waive it in advance.
Conditions for the implementation of the re-sale right :
In accordance with Cyprus law the following three conditions must be met so that re-sale copyright can be implemented:
- the right covers RE-SALE, not first sale of
- an ORIGINAL work, not copy or copies of it.
- minimum re-sale price must be three thousand euros (€3,000).
As original works are considered to be visual works, such as paintings, collages, mosaics, jewelry, drawings, engravings, prints, lithographs, sculptures, handmade wall rugs, ceramics, glassware and photographs.
Collection process
Each creator has the right to claim from the seller the amount he/she is eligible to obtain on the resale price within three years from the date the work was resold.
It is an important condition that the seller, buyer or intermediary is a practitioner of the market of artistic works, such as auction houses, art galleries, and in general any art dealer.
