IDEAS home Printed from https://ideas.repec.org/p/bep/yaloln/yale_lepp-1023.html
   My bibliography  Save this paper

Royalties for Artists Versus Royalties for Authors and Composers

Author

Listed:
  • Henry Hansmann

    (Yale Law School)

Abstract

Legislation creating or reinforcing resale royalties for visual artists retains substantial political popularity, particularly in the European Union -- despite the often skeptical attitude toward those rights in the economics literature. In this essay, we probe more deeply the affirmative arguments that can be made for a resale royalty right, in either a mandatory or a discretionary form. We also compare the rationale for visual artists' resale royalties with the potential rationales for the now-well-established systems of royalty rights for authors and composers. This comparison has particular interest both because some of the principal arguments made against visual artists' resale royalties also apply to authors' royalties, and because the economic rationale for compensating authors with royalties has itself not been well explored. We also discuss briefly the related subject of display rights for visual artists. We conclude with some general implications for policy.

Suggested Citation

  • Henry Hansmann, "undated". "Royalties for Artists Versus Royalties for Authors and Composers," Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy Working Paper Series yale_lepp-1023, Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy.
    • Handle: RePEc:bep:yaloln:yale_lepp-1023
    as

    Download full text from publisher

    File URL: http://lsr.nellco.org/cgi/viewcontent.cgi?article=1023&context=yale/lepp
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hansmann, Henry & Kraakman, Reinier, 1992. "Hands-Tying Contracts: Book Publishing, Venture Capital Financing, and Secured Debt," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 8(3), pages 628-655, October.
    2. Hansmann, Henry & Santilli, Marina, 1997. "Authors' and Artists' Moral Rights: A Comparative Legal and Economic Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 26(1), pages 95-143, January.
    3. John Solow, 1998. "An Economic Analysis of the Droit de Suite," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 22(4), pages 209-226, December.
    4. Karp, Larry & Perloff, Jeffrey M, 1992. "Legal Requirements that Artists Receive Resale Royalties," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt33f9k5bw, Department of Agricultural & Resource Economics, UC Berkeley.
    5. repec:bla:kyklos:v:52:y:1999:i:3:p:369-90 is not listed on IDEAS
    6. Karp, Larry S. & Perloff, Jeffery M., 1993. "Legal requirements that artists receive resale royalties," International Review of Law and Economics, Elsevier, vol. 13(2), pages 163-177, June.
    7. Filer, Randall K, 1986. "The "Starving Artist"-Myth or Reality? Earnings of Artists in the United States," Journal of Political Economy, University of Chicago Press, vol. 94(1), pages 56-75, February.
    8. Rea, Samuel A, Jr, 1984. "Arm-breaking, Consumer Credit and Personal Bankruptcy," Economic Inquiry, Western Economic Association International, vol. 22(2), pages 188-208, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ruth Towse, 2006. "Copyright And Artists: A View From Cultural Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 20(4), pages 567-585, September.
    2. Dari-Mattiacci, Giuseppe & Onderstal, Sander & Parisi, Francesco, 2021. "Asymmetric solutions to asymmetric information problems," International Review of Law and Economics, Elsevier, vol. 66(C).
    3. Ruth Towse, 2008. "Why has cultural economics ignored copyright?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 32(4), pages 243-259, December.
    4. Benito ArruÒada, 2003. "Property Enforcement as Organized Consent," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 19(2), pages 401-444, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Henry Hansmann & Marina Santilli, 2001. "Royalties for Artists versus Royalties for Authors and Composers," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 25(4), pages 259-281, November.
    2. Michael Rushton, 2001. "The Law and Economics of Artists' Inalienable Rights," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 25(4), pages 243-257, November.
    3. John Solow, 1998. "An Economic Analysis of the Droit de Suite," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 22(4), pages 209-226, December.
    4. Chanont Banternghansa & Kathryn Graddy, 2011. "The impact of the Droit de Suite in the UK: an empirical analysis," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 35(2), pages 81-100, May.
    5. Richard Watt (ed.), 2014. "Handbook on the Economics of Copyright," Books, Edward Elgar Publishing, number 14240.
    6. Richard Watt, 2014. "Copyright in visual art markets: some economic theory concerning resale royalties and other options," Chapters, in: Richard Watt (ed.), Handbook on the Economics of Copyright, chapter 18, pages 328-342, Edward Elgar Publishing.
    7. Michael Rushton, 2011. "Artists’ Rights," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 8, Edward Elgar Publishing.
    8. Edmund H. Mantell, 1995. "If Art is Resold, Should the Artist Profit?," The American Economist, Sage Publications, vol. 39(1), pages 23-31, March.
    9. J. D. Stanford, 2003. "Economic Analysis Of The Droit De Suite– The Artist's Resale Royalty," Australian Economic Papers, Wiley Blackwell, vol. 42(4), pages 386-398, December.
    10. Christian Jansen, 2003. "Economic Effects of the New German Copyright Contract Law," Law and Economics 0302003, University Library of Munich, Germany.
    11. Karas, Michael & Kirstein, Roland, 2018. "Efficient contracting under the U.S. copyright termination law," International Review of Law and Economics, Elsevier, vol. 54(C), pages 39-48.
    12. Jeremy Berkowitz & Richard Hines, 1998. "Bankruptcy exemptions and the market for mortgage loans," Finance and Economics Discussion Series 1998-07, Board of Governors of the Federal Reserve System (U.S.).
    13. repec:ces:ifodic:v:13:y:2016:i:4:p:19191579 is not listed on IDEAS
    14. Victor Ginsburgh, 2013. "Mark Blaug and the economics of the arts," Chapters, in: Marcel Boumans & Matthias Klaes (ed.), Mark Blaug: Rebel with Many Causes, chapter 15, pages 208-224, Edward Elgar Publishing.
    15. Carlos Casacuberta & N鳴or Gandelman, 2012. "Multiple job holding: the artist's labour supply approach," Applied Economics, Taylor & Francis Journals, vol. 44(3), pages 323-337, January.
    16. Stefan Bechtold & Christoph Engel, 2017. "The Valuation of Moral Rights: A Field Experiment," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2017_04, Max Planck Institute for Research on Collective Goods.
    17. Wei Fan & Michelle J. White, 2001. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Center for Financial Institutions Working Papers 01-11, Wharton School Center for Financial Institutions, University of Pennsylvania.
    18. Jason Donaldson & Denis Gromb & Giorgia Piacentino, 2019. "Conflicting Priorities: A Theory of Covenants and Collateral," 2019 Meeting Papers 157, Society for Economic Dynamics.
    19. A. Rampini, Adriano, 2005. "Default and aggregate income," Journal of Economic Theory, Elsevier, vol. 122(2), pages 225-253, June.
    20. Jeffrey Traczynski, 2016. "Personal Bankruptcy and Social Insurance," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(4), pages 23-27, 02.
    21. Donaldson, Jason Roderick & Gromb, Denis & Piacentino, Giorgia, 2020. "The paradox of pledgeability," Journal of Financial Economics, Elsevier, vol. 137(3), pages 591-605.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bep:yaloln:yale_lepp-1023. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christopher F. Baum (email available below). General contact details of provider: http://www.law.yale.edu/outside/html/home/index.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.