negotiated resale rights
In an effort to better align the interests of artists and collectors, Boyd Level has developed the Negotiated Resale Right (“NRR”). A cousin to the E.U.’s droit de suite, and California’s resale royalty statute, the NRR provides the artist with a percentage of the profits derived from the first resale of one of his or her works. It is available to artists and collectors on a case-by-case basis and is an “opt-in” process: if, as part of the negotiation to sell a work of art, an artist would like to extend a deeper discount to the collector, and the collector in turn would like to grant the artist a right to an agreed upon percentage of the profits on the first resale, then Boyd Level will assist in documenting that arrangement in the purchase agreement for the work, and will continue to “manage” the right until the work is sold or the right expires.
