WHAT it is

The Negotiated Resale Right (or “NRR”) is the contractual embodiment of a resale right between the seller — or sellers— of a work of art that is negotiated with the purchaser and managed by Level Rights.

The NRR provides the art world with a flexible, customizable approach to profit sharing. It is distinct from droit de suite laws as enacted by governments because it allows artists to choose whether or not to participate, it enables galleries to receive a share of the resale proceeds, and, any holder may transfer the resale right for value (subject to certain legal restrictions). In other words, an artist or a gallery may sell their NRR without waiting for the collector to sell the work, providing additional financial flexibility. Of course, only collectors who agree to participate are included, and there is no obligation for a subsequent purchaser to continue paying the NRR.