Sworders Modern British & 20th Century Art 20 April 2021

136 GLOSSARY OF PICTURE CATALOGUING TERMS A work catalogued with the forename(s) and surname of a recognised destination of an artist is or is probably a work by the artist, eg. David Cox. Nevertheless, intending buyers are reminded that while a full designation is our highest category or authenticity, no unqualified statement as to the authorship is made or intended. A full cataloguing does not necessarily imply a full warranty. Attributed to David Cox in our opinion a work of the period of the artist which may be in whole or in part the work of the artist. Circle of David Cox in our opinion a work from the period of the artist and showing his influence. Follower of David Cox in our opinion a work executed in the style of David Cox After David Cox in our opinion a copy of any date after a work by the artist Signed/inscribed/dated in our opinion the work has been signed/inscribed/dated by the artist Bears/with signature, inscription, date in our opinion the signature/inscription/date are not by the hand of the named artist. The addition of a question mark (?) after any of the above cataloguing terms indicates an element of doubt. A work catalogued as ‘School’ accompanied by the name of a place or country and a date means that in our opinion the work was executed at that time and in the location, eg. South Netherlands School, circa 1750. All references to signatures, inscriptions and dates refer to the present state of the work, ie. as at the time of inspection for the purpose of cataloguing. Condition reports are not included in the descriptions. ARTIST’S RESALE RIGHT (ARR) What is Artist’s Resale Right? Following a European Directive in 2006, the Artist’s Resale Right entitles creators of original works of art to a royalty each time their work is resold, with the involvement of an auction house, for 1,000 Euros or more. This right covers sales of work by living artists and also the beneficiaries and heirs of artists deceased within the last 70 years of the sale . How are resale royalties calculated? The artist’s royalty depends on the hammer price (sale price without any VAT or Buyer’s Premium). The higher the sale price of the artwork, the lower the overall royalty rate. The royalty is worked out according to a sliding scale from 4% to 0.25%. Hammer Price Royalty From 0 to €50,000 4% From €50,000.01 to €200,000 3% From €200,000.01 to €350,000 1% From €350,000.01 to €500,000 0.5% Exceeding €500,000 0.25% What is the qualifying threshold? An artwork must sell for more than €1,000 to qualify for a royalty. The law defines the price threshold in Euros and, because the exchange rate between the two currencies changes daily, the equivalent in Pounds Sterling must be worked out according to the exchange rate on the date the artwork was sold. What nationality must an artist be to qualify? The Artist’s Resale Right applies to the sale of artworks in the European Economic Area (EEA). The following countries are in the EEA: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, United Kingdom. Artists who are nationals of these countries are therefore generally eligible to receive resale royalties. The nationality criteria only applies to the artist and not to the beneficiaries or heirs. Are all sales of artwork covered? The Artist’s Resale Right does not apply to all sales of artworks. A royalty is only due if the following conditions are met: • the artwork is a copyright protected work of graphic or plastic art; • it is sold for more than €1000; • it is sold in the secondary market with the involvement of an art market professional (e.g. auction house); • and it is sold in the UK or another country in the European Economic Area (EEA). This royalty, where applicable, will be charged to the purchaser. It is exempt of VAT.