The Promise of NFTs for Artists and the Art Market
The Art Law Podcast
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What Is Resale Royalty?
The idea of resale royalty rights that are embedded in these so-called smart contracts and that's now become a sort of feature of NFTs. This is very connected to legislation in the European Union and the United Kingdom, places where this is done by law. Robert Ralchenberg's late 1950s work, Thaw was sold by the skulls in auction in 1973. He was upset. The work sold for $900 originally and then resold for $85,000 but he didn't receive any of the increase there.
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