California Resale Royalties Act
Okay kiddo, let me explain the California Resale Royalties Act to you.
When artists create paintings, sculptures, or other pieces of art, they often sell them to people who want to own them. But sometimes, those people who buy the art decide to sell it to someone else later on, for a higher price.
Now, this is where the Resale Royalties Act comes in. It says that when someone sells a piece of art for more than $1,000 in California, the artist who created that artwork should get a little bit of money too. This is called a "resale royalty."
For example, if an artist sells a painting for $5,000 and someone later sells that same painting for $10,000, the artist should get a percentage of that extra money that the painting sold for. This is meant to help artists keep earning money when their artwork becomes more valuable over time.
The Resale Royalties Act was made to help artists who might not make a lot of money from their art when they first sell it, but who might see their work become really valuable later on. It's kind of like a way to say "thank you" to the artist for creating something that people love and want to buy.
I hope that makes sense, kiddo!
When artists create paintings, sculptures, or other pieces of art, they often sell them to people who want to own them. But sometimes, those people who buy the art decide to sell it to someone else later on, for a higher price.
Now, this is where the Resale Royalties Act comes in. It says that when someone sells a piece of art for more than $1,000 in California, the artist who created that artwork should get a little bit of money too. This is called a "resale royalty."
For example, if an artist sells a painting for $5,000 and someone later sells that same painting for $10,000, the artist should get a percentage of that extra money that the painting sold for. This is meant to help artists keep earning money when their artwork becomes more valuable over time.
The Resale Royalties Act was made to help artists who might not make a lot of money from their art when they first sell it, but who might see their work become really valuable later on. It's kind of like a way to say "thank you" to the artist for creating something that people love and want to buy.
I hope that makes sense, kiddo!