Bonhams, Swizz Beatz, Alicia Keys Launch Voluntary Resale Royalty Initiative
Bonhams is gearing up for its major auctions in New York this November and has partnered with the musician and art collector couple, Kasseem “Swizz Beatz” Dean and Alicia Keys, to introduce a new resale royalty initiative called the Deans’ Choice. This program encourages consignors to give 5% of the final sale price to the artist, with Bonhams matching that contribution. The Deans have supported artist royalties since 2019, comparing this to how musicians earn royalties. While over 90 countries have resale royalties, the U.S. has been slow to adopt them. Bonhams CEO Seth Johnson mentioned that artists have been advocating for this, and they see it as a positive step. Upcoming auction artworks haven’t been announced yet, but feedback from clients has been encouraging. This news comes after Bonhams raised buyer’s premiums to 30% for the first £25,000, with tiered rates reaching 14% for sales over £5 million.
Key facts
- Bonhams partners with Swizz Beatz and Alicia Keys to launch Deans’ Choice, a voluntary resale royalty initiative.
- Consignors are asked to contribute 5% of the hammer price to the artist, with Bonhams matching the contribution.
- The initiative precedes Bonhams' marquee New York sales in November.
- Kasseem Dean has advocated for a 'Dean Choice' model since 2019.
- Resale royalties are common in over 90 countries but have stalled in the US.
- Robert Rauschenberg confronted Robert C. Scull in 1973 after Scull sold his painting for $85,000 (originally bought for $900).
- Bonhams CEO Seth Johnson says artists have asked for this direction and that the house expects the program to cost them.
- Bonhams recently raised buyer’s premiums to 30% on the first £25,000, with tiered rates up to 14% above £5m.
Entities
Artists
- Kasseem “Swizz Beatz” Dean
- Alicia Keys
- Robert Rauschenberg
- Robert C. Scull
- Kasseem Dean
- Alicia Dean
Institutions
- Bonhams
- The Art Newspaper
- The Dean Collection
Locations
- New York
- United States