Contemporary

Copyright: Art and Valuation

Copyright: Art and Valuation

 

“...Law is an obvious instance of how creativity and incentives do not depend upon perfect control over the products created. Like jazz, or novels, or architecture, the law gets built upon the work that went before. This adding and changing is what creativity always is. And a free society is one that assures that its most important resources remain free in just this sense.”[1]

The goal of copyright law, as set forth in the US Constitution, is "to promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries." This includes incentivizing the creation of art, literature, architecture, music, and other works of authorship. The term incentive is key to the monetization of information. An incentive is either a promise or an act that is provided for the sake of greater action. In the case of copyright, it would be to protect the owner of the copyrighted edition. Due to the far-reaching implications of Copyright in our culture.  This paper will focus on the effects of copyright as it pertains to art and the terms of valuation, which is the basis of appraisal.