SIAE Publishes Vademecum on Resale Royalty Right in Italy
The Italian Society of Authors and Publishers (SIAE) has published a guide on the resale royalty right (diritto di seguito), created in collaboration with the OLAF Section, Territorial Network Division, MiBAC, and experts from the art market. This right ensures that authors receive payment for each sale beyond the initial transfer, applicable when a professional art market operator is involved and the sale price reaches a minimum of €3,000. Exceptions include the author’s first sale, transactions lacking professional engagement, and those priced under €3,000. The guide defines 'first transfer' and examines intermediary agreements, outlining when royalties are payable based on the timing of payments. It also specifies necessary documentation for exemptions, including contracts and invoices.
Key facts
- SIAE published a Vademecum on the resale royalty right (diritto di seguito).
- The Vademecum was created with SIAE's OLAF Section, Territorial Network Division, MiBAC, and art market professionals.
- The resale royalty right applies to sales after the first transfer by the author, involving a professional, with a price net of VAT of at least €3,000.
- Exemptions include first sales by the author, sales without professionals, sales below €3,000, and sales between €3,000 and €10,000 if the professional bought from the author within three years.
- The Vademecum clarifies mandate to sell contracts and their implications for the resale royalty.
- Under a mandate, ownership does not transfer between owner and professional.
- If the professional pays the owner after the sale to a third party, no royalty is due on that payment.
- If the professional pays the owner before the sale, the subsequent sale to a third party is subject to the royalty.
Entities
Artists
- Raffaella Pellegrino
Institutions
- SIAE
- MiBAC
- Artribune
Locations
- Italy