Enactment of the Art Promotion Act... Introduction of Retroactive Claims and Art Gallery Business Registration System

A bill has been prepared to ensure that a portion of the resale amount of artworks goes back to the artists.

On the 30th, the Ministry of Culture, Sports and Tourism announced that the bill to enact the "Art Promotion Act," which includes the introduction of resale royalty rights for artworks, has passed the plenary session of the National Assembly.

Until now, compared to fields such as literature, performance, publishing, music, and film, which have support systems established through individual laws, the art sector?one of the major fields of art?lacked a dedicated law. The newly passed Art Promotion Act is expected to serve as a cornerstone to establish a virtuous cycle system of creation, distribution, and enjoyment within the art ecosystem and to strengthen the overseas advancement of Korean artists.

The core of the Art Promotion Act bill includes △ establishing an institutional foundation for systematic art promotion policies △ laying the institutional groundwork to support the art industry in an organized manner △ introducing resale royalty rights to protect artists' rights.

To allow sufficient preparation time for the law’s enforcement, the establishment of the policy foundation will take effect one year after promulgation, the incorporation of the art industry into the institutional framework will take effect three years after promulgation, and the introduction of resale royalty rights will take effect four years after promulgation.

Among the provisions of the passed bill, the resale royalty right allows artists to claim compensation for a portion of the resale price when an artwork is resold after its initial sale by the artist. The purpose is to protect creators. Artworks have different characteristics compared to music albums, books, and videos, making it difficult for artists to expect additional profits after the initial sale; this law takes into account such unique features of artworks.

The bill also includes provisions to incorporate various businesses related to the distribution and appraisal of artworks into the institutional framework, such as gallery businesses, art auction businesses, art advisory businesses, art rental and sales businesses, art appraisal businesses, and art exhibition businesses. Since art service industries have been operating as free businesses without a separate system, there were criticisms about the difficulty in supporting related industries. The Ministry of Culture, Sports and Tourism plans to reflect the opinions of stakeholders currently working in related industries as much as possible to establish detailed reporting standards. Additionally, minimum obligations that art service providers must comply with will be introduced to ensure fair transactions, establish distribution order, and protect consumers.

The Ministry of Culture, Sports and Tourism plans to arrange opportunities to discuss with the art industry as soon as possible to prepare enforcement ordinances and other related measures.

Park Bo-gyun, Minister of Culture, Sports and Tourism, emphasized, "K-Art is an emerging powerhouse and a blue chip in the cultural export market," adding, "Last year, the estimated size of the domestic art market exceeded 1 trillion won for the first time, demonstrating the growth momentum of our K-Art." He also expressed gratitude to the National Assembly for establishing the necessary institutional foundation to provide organized support to the art sector.

This content was produced with the assistance of AI translation services.