Comment Re:Erm....15 % each time its sold? (Score 1) 372
Upon purchasing the Artwork, Collector may establish a new value for the Artwork. The new value may not exceed current market expectations for the Artwork based on the current value of work by the Artist...This value will be set as the minimum bid of the auction.
Note there is only a ceiling to the value, no floor: if after purchasing, I feel that the value has decreased, I can establish this as the new value for the Artwork and so set it as the minimum for the auction.
Regarding the 15%, according to this term:
Collector is responsible for any and all fees and charges generated by the Artwork on the Auction Venue.
the eBay auction fees are the responsibilty of the collector, not the artist. This looks more like a "beat the copyright limitation" of n years to ensure income permanently:
Note that it resells itself every 7 days, every week - the artist gets 15% of every change in value every week, a nice little wage packet.