This Act establishes a system enabling victims of offences to claim compensation from the State…
Act No. 1.526 of 1 July 2022 on resale right.
Four important changes are made by this law:
The first is to provide a number of clarifications relating to the implementation of the resale right. Thus, the scope of the resale right is redefined, since the text sets out the works concerned by this right. The Act sets out the regime applicable to the resale right, providing in particular that the professional involved in the sale is responsible for paying this right;
The second amendment extends to 70 years the duration of the post mortem benefit of the resale right, which is currently 50 years;
The third is to allow authors, under certain conditions, to dispose of their resale right by will;
The fourth and last modification consists in specifying the application of the Monegasque resale right regime for authors of foreign nationality.
Article 11-1 of law n°491 of 24th November 1948, as amended, is modified as follows:
“The author of an original work, whether handwritten, graphic or plastic, or his successors in title, shall benefit, notwithstanding the transfer of the original work, from a resale right, which is an inalienable right to participate in the proceeds of any sale of a work after the first transfer of the work by the author or his successors in title, when a professional of the art market intervenes as seller, buyer or intermediary.
Original works within the meaning of this Article shall mean works created and produced by the artist himself and copies executed in limited quantities by the artist himself or under his responsibility, such as in particular original texts of literary or musical works, paintings, collages, paintings, drawings, engravings, prints, lithographs, sculptures, tapestries, ceramics, glassware, photographs and plastic creations on audiovisual or digital media.
By way of derogation from the first paragraph, this right shall not apply when the seller has acquired the work directly from the author less than three years before this sale and the sale price does not exceed a threshold value, the amount of which shall be fixed by sovereign order.
The amount of the resale right is fixed as follows
– 3% for the first 50,000 euros of the sale price;
– 2% for the portion of the sale price between EUR 50,000.1 and EUR 200,000;
– 0.5% for the portion of the sale price between EUR 200,000.1 and EUR 350,000;
– 0.25% for the portion of the sale price between EUR 350,000.1 and EUR 500,000;
– 0.15% for the portion of the sale price exceeding EUR 500,000.
However, the amount of the resale right may not exceed EUR 12,000.
The seller is responsible for paying the resale right.
The responsibility for payment of the resale right lies with the professional involved in the sale and, if the transfer is between two professionals, with the seller.
The professional responsible for the payment of the resale right is obliged to take the necessary steps to inform the persons likely to benefit from the resale right of the sale of the work, if their identity is known, or, failing that, to take the appropriate publicity measures by any appropriate means so that these persons can come forward.
The art market professionals referred to in the first paragraph shall deliver to the author or to an organisation for the collective management of the resale right any information necessary for the liquidation of the sums due for the resale right during a period of three years as from the sale.
The collection of resale right under this Law by an organization for the collective management of rights shall be subject to prior authorization issued to that organization by the Minister of State.
The authorization provided for in the preceding paragraph may only be issued to a collective rights management organization having its registered office in Monaco and whose management is ensured by a person of Monegasque nationality. Where the organisation has its registered office outside Monaco, the said authorisation may only be issued to it if it is represented in Monaco by a natural person of Monegasque nationality having his or her domicile in Monaco or a legal person having its registered office in Monaco and whose management is ensured by a person of Monegasque nationality.
The conditions for the application of this article and in particular the advertising measures, the methods for calculating the duty to be levied, as well as the sale price above which sales are subject to this duty shall be specified by Sovereign Order.
An article 12-1 is inserted after article 12 of law n°491 of 24th November 1948, as amended, as follows
“Article 12-1: On the death of the author, the right referred to in Article 11-1 shall devolve, in accordance with the conditions laid down in Article 14, to his heirs, legatees or successors in title during the current calendar year and the seventy years that follow, in accordance with the counting procedures laid down in Article 12.
The provisions of the second paragraph of Article 14 of Act No. 491 of 24 November 1948, as amended, are amended as follows
“Subject to the condition that the rights of the reserved heirs are not prejudiced, the author may transmit the resale right by legacy. In the absence of an heir and of a bequest of the resale right, the latter shall revert to the universal legatee or, failing that, to the holder of the moral right.
A third paragraph is inserted after the second paragraph of Article 14 of Law No. 491 of 24 November 1948, as amended, as follows
“The value of the resale right shall be determined, in accordance with the provisions of the fourth and fifth paragraphs of Article 11-1, in relation to the value of the work on the date of the opening of the succession.
