Bill of Sale
This was a contract — or sales agreement — put forward by Canadian Artists Representation, Frontes des Artistes Canadienne (CARFAC) in the early 1990s. There were/are two versions:
short term
long term
They both provide for a residual payment to the artist should the artwork be resold for a profit. The difference is the short term agreement is only for the first resale while the long term is attached to the piece in perpetuity, until 50 years after the artist’s demise. Every time a piece is resold the artist is to receive a portion of the increase in monetary value. (Posthumous payments would go to the artist’s estate or heirs.)
This contract has been renamed “Artist's Resale Right”. It has been passed into law in the European Union and CARFAC is working on having it adopted in Canada.
In a nutshell, RENTERs can earn more than SELLERs with less artwork and a lot more with the same amount of artwork. In fact, comparing renting versus selling visual artworks...
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