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ARTICLE

Reshaping the art market: Blockchain technology, resale royalties, and the emerging Chinese paradigm

Zhongbo Tian1*
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1 Visual Arts Administration, Steinhardt School of Culture, Education, and Human Development, New York University, New York City, New York, United States of America
AC, 2875 https://doi.org/10.36922/ac.2875
Submitted: 2 February 2024 | Accepted: 12 April 2024 | Published: 12 September 2024
(This article belongs to the Special Issue Re-globalization: Practices from the Art Market)
© 2024 by the Author(s). This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution -Noncommercial 4.0 International License (CC-by the license) ( https://creativecommons.org/licenses/by-nc/4.0/ )
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Abstract

This paper examines the global evolution of resale royalties within the art market, with an emphasis on the transformative role of blockchain technology in enforcing artists’ droit de suite. It delves into the evolution of resale royalties and their enforcement through blockchain technology globally, analyzing diverse approaches in the European Union, the United States of America, Australia, and China, and the universal adaptation of blockchain in this context. Drawing on diverse practices, the paper reveals diverse practices and the complex interplay between economic, legal, and cultural factors in each context. The research underscores blockchain’s potential to offer transparency, security, and efficiency in managing and enforcing resale royalties, as demonstrated by the rise of non-fungible token platforms like OpenSea. The paper also delves into China’s distinctive approach to blockchain, which avoids speculative digital currency markets while fostering digital collectibles within a controlled regulatory framework. The paper concludes by offering strategic recommendations aimed at harmonizing legal frameworks, spurring technological innovation, and preparing markets for these advancements. It calls for a balanced ecosystem that fosters artistic innovation and ensures regulatory compliance, showcasing the enduring influence of early concepts in the current digital era of the art market.

Keywords
Resale royalties
Blockchain technology
Digital art market
Non-fungible tokens
Funding
None.
Conflict of interest
The author declares no competing interests.
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Arts & Communication, Electronic ISSN: 2972-4090 Published by AccScience Publishing
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