Giving Artists Their Due – The New Indian Express
HYDERABAD: DeRivaz & Ives, a newly launched fine art auction house which has a presence in the city, will hold an online auction titled “Indian Modern Fine Arts”, on January 21-22 to showcase some of the masterpieces- rarest works. Works of art by great modern masters such as Jamini Roy, NS Bendre, SH Raza, FN Souza, MF Husain and many other leading artists will be on display.
The art auction house has held three more online auctions in the next 30 days for art collectors and connoisseurs. “This is a milestone for Indian art. The auction ensures that artists or their legal heirs receive financial credit for their work in secondary public auctions, ranging from 4% to 2% depending on the value of the secondary sale. The right to payment will last for the copyright period following the death of the artist,” explains Neville Tuli, Chief Mentor, deRivaz & Ives.
He adds: “Artists take decades to evolve their art. A very small proportion of them get the financial respect they deserve during their lifetime. Only their unique sale on the primary market rewards them financially. France, the mother of modern art, instituted its resale royalty resale right system over 100 years ago, although only a few other countries such as the United States and the United Kingdom have followed suit. not. deRivaz & Ives’ decision to pay will encourage others and push India towards a fairer and more mature globalized art market.