Swizz Beatz and Alicia Keys launch resale royalty initiative with Bonhams

Bonhams, working with collectors and musicians Kasseem “Swizz Beatz” Dean and Alicia Keys, launched an initiative ahead of its November New York sales to encourage contributions toward an artist resale-royalty model. Consignors can opt in to contribute at least 1% of the hammer price or $500 (whichever is greater), and Bonhams will match the percentage contributed. Bonhams CEO Seth Johnson said the program is intended to reflect artists’ long-standing requests and that the house expects the initiative to cost Bonhams money as a measure of success. The article situates the effort in the US context, where resale royalties have largely stalled despite existing in more than 90 countries, and recalls the 1973 incident in which Robert Rauschenberg confronted collector Robert C. Scull after a work bought for $900 sold for $85,000. The announcement follows Bonhams’s new buyer’s fees, including premiums rising to 30% on the first £25,000 of the hammer price and tiered rates down to 14% above £5 million.

Read the full article at The Art Newspaper - International art news and events