Anatomy of an Artist Royalty: Empowering Creators Through Peggy
Craig Follett on February 9, 2024
In an era where the value of creativity is increasingly recognized yet seldom rewarded accordingly, the question of how artists can sustainably benefit from their own work becomes ever more pressing. At Peggy, we've pondered this question deeply, arriving at a solution that not only honours the artist's craft but also ensures they are compensated for their contributions to the art world over time. This is the essence of what we call an "artist royalty," a concept at the heart of our mission to transform the art marketplace into a more equitable and sustainable ecosystem for artists and primary galleries alike.
The Problem with Traditional Art Markets
Traditionally, the art market has operated on a model that heavily favors initial sales. Artists and their representing galleries invest immense time, resources, and emotion into creating and selling artwork. However, once the artwork changes hands for the first time, the creators and initial sellers typically receive no further benefit from subsequent transactions, no matter how much the value of the work increases. This model poses a significant challenge to the sustainability of artistic careers and the galleries that support them, often leading to a cycle of financial instability.
Introducing Artist Royalties
An artist royalty is a simple yet powerful idea: whenever an artwork is resold, a percentage of the sale price is paid to the original artist and the primary gallery. This concept isn't entirely new; various forms have been debated and implemented in different jurisdictions with varying degrees of success. However, Peggy's approach is unique in its execution, leveraging technology to seamlessly integrate this model into our marketplace, ensuring transparency, efficiency, and fairness for all parties involved.
How Peggy Champions Artist Royalties
At Peggy, we've built our platform with the core principle that artists should continuously benefit from their creations, fostering a more sustainable art community. Here's how we're making that happen:
Transparent Transactions: Our platform ensures that every resale is tracked, and the appropriate royalties are automatically distributed to the original creators and galleries. This transparency builds trust and encourages participation from artists and collectors alike.
Global Reach, Local Impact: While Peggy operates on a global scale, our system recognizes the nuances of local markets and regulations, adapting to ensure that artist royalties are compatible with regional laws and practices.
Empowering Creators: By receiving royalties from resales, artists can gain financial stability and recognition that grow with their reputation and the demand for their work. This system not only provides ongoing income but also reinforces the value of their contributions to the art world.
Cultivating a Culture of Appreciation: Peggy's marketplace doesn't just facilitate transactions; it fosters a community that values long-term relationships with artists. Collectors are made aware of their role in supporting artists' careers, creating a more conscious and conscientious art ecosystem.
The Future of Art is Equitable
Our vision at Peggy is not just to change how art is bought and sold but to revolutionize the very foundation upon which the art economy is built. By embedding artist royalties into the fabric of our marketplace, we're taking a stand for the rights of creators and primary galleries, ensuring they are rewarded for the value they bring to the art world, not just at the point of initial sale but throughout their lifetimes.
The anatomy of an artist royalty is more than a mechanism for payment—it's a statement of belief in the enduring value of creativity. It's a commitment to nurturing the arts in a way that respects and rewards the artist's role in society. At Peggy, we're proud to be at the forefront of this movement, and we invite artists, galleries, collectors, and art lovers to join us in shaping a more sustainable, equitable, and vibrant future for the art world.