ECONOMICS (CBSE/UGC NET)

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ECONOMICS

PROPERTY RIGHTS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
SEC. 200. Sale or Lease of Work.-In every sale or lease of an original work of painting or sculpture or of the original manuscript of a writer or composer, subsequent to the first disposition thereof by the author, the author or his heirs shall have an inalienable right to participate in the gross proceeds of the sale or lease to the extent of what percent?
A
6%
B
4%
C
5%
D
2%
Explanation: 

Detailed explanation-1: -Copyright shall subsists in any original artistic work comprising of paintings, sculptures, graphics, cartoons, etchings, lithographs, photography, drawings, plans, maps, diagrams, charts, buildings, models of buildings, moulds and casts for sculptures.

Detailed explanation-2: -How much money will I get? This depends on the resale price. The higher the sale price for the artwork, the lower the overall royalty rate. Your royalty is worked out according to a sliding scale from 4% to 0.25%.

Detailed explanation-3: -Artist’s Resale Right gives creators of original works across their lifetime, and for 70 years after their death, the right to a payment when their work is resold in the secondary market with the involvement of an art market professional.

Detailed explanation-4: -Droit de suite (English translation: right to follow) is a unique right for artists that exists in some countries’ copyright law. It ensures that the creator of an artistic work, or their heirs, receives part of the resale value of a physical work of art.

There is 1 question to complete.
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