ARTIST'S RESERVED RIGHT TRANSFER AND SALE AGREEMENT by bobzepfel

VIEWS: 389 PAGES: 5

Agreement between Artist and Purchaser of work of art granting artist override on future sales and rights on display and reproduction

More Info
									                Artist's Reserved Right Transfer and Sale Agreement
       This Agreement is entered into as of the             day of                   ,
by and between                               (“Artist”) and
(“Purchaser”);

                                            RECITALS:

       A. Artist has created a certain Work of Art, referred to by name or catalogue number as
                       , completed in                ("the Work"):

        B. The parties desire that the Artist maintain certain rights in the future economic benefit
and integrity of the Work;

       Now, Therefore, in consideration of the mutual covenants contained herein, the parties
agree as follows:

       1.      SALE: Artist hereby sells the Work to Purchaser for the purchase price of $
                     (the “Original Purchase Price”).

        2.      RESALE OR TRANSFER: If Purchaser in any way transfers, sells, gives, or
trades the Work, if it is inherited from Purchaser, or if a third party pays compensation for its
destruction (collectively, a “Transfer”), Purchaser (or the representative of his estate) must
within thirty (30) days:

        a.      Pay Artist     % of the Gross Art Profit (as that term is defined herein), if any, on
the transfer (the “Artist’s Override”); and

      b.      Require the new owner to assume this Agreement by executing a properly
completed Art Transfer Agreement, in substantially the form attached hereto (“ATA”); and

       c.      Deliver the signed ATA to the Artist.

        As used herein, the term "Gross Art Profit" means the Purchase Price or Agreed Value as
specified in the ATA, less the Original Purchase Price or, if there has been an intervening ATA,
less the Purchase Price or Agreed Value as specified ther
								
To top