Fun facts:
- as an individual you cannot claim the royalties yourself. No, you actually have to join a collecting society. Only they are allowed to collect and take a percentage of your royalties for that.
- royalties are a decreasing percentage of the sales price and are capped
@Quasimondo well, like always, it is not the artist, but the surrounding art world that makes money. Again: NFT hype won’t change that.
@Quasimondo Yes, in Belgium you don’t need to join a collecting society (Sabam or Sofam) and can go directly to a platform to which all resales need to be legally declared.
But the administration cost is a bit higher and the platform is run by the two collecting society...
When @beeple@twitter.com's work sells soon I am quite sure he also has the right to claim those royalties. In the US they are 5% but they are capped. So if we guess a sale of $6,000,00 he will not get $300,000 but $35,000.
Yes, a luxury problem indeed, but still the system feels rigged.