Ever heard of the 'Artists Contract'?

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Posts: 18
Joined: Fri Jun 25, 2021 1:42 pm

Recently, I've been doing a lot of reading on how people in the art world are hoping to use the blockchain to make it easier to identify artwork, record transactions, and more. But to me, one of the most interesting prospects is the possibility of implementing the 'Artist's Contract.' If you've never heard of it before, this Medium article offers a great summary:
This eight-page agreement was written in such a way that artist could adopt it wholesale or only use certain, selected parts. It was designed to offer numerous benefits to artists, including:

· A royalty equaling 15% of increases in value for any future sale.

· A consistent record of ownership for all works of art.

· Notice when the artwork was going to be exhibited and the power of veto for any exhibitions.

· The right to borrow the work for two months out of every five years.

· All reproduction rights.

· And more.

If the Artist’s Contract would have been widely adopted by artists and galleries, it would have been a game changer for the art industry. Artists would have retained far more control over their work, and they would have benefited from any future increases in value. Unfortunately, for many people it was a bridge too far. And while some artists have taken advantage of parts of it, few have adopted it indiscriminately. The logistics and demands were simply too much to handle.
This could be huge if adopted. Just imagine what would happen if artists could earn royalties off subsequent sales. That would be a complete paradigm shift all on its own. But what would it take to actually make that paradigm shift? Would galleries go for it? What challenges do you think artists would face?
Posts: 20
Joined: Fri Jul 09, 2021 5:38 pm

I hadn't heard of the 'artists' contract' until reading your post. But I've done a decent amount of research on smart contracts. I definitely believe they'll transform dozens of markets and industries. It's just a matter of implementing them. Sounds like they could really make a difference in the art world. If you haven't checked out this TED Talk on smart contracts, I'd give it a watch:

She goes over the basics of them and talks about some of the innovative ways they're being used today.
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