Strasbourg, 04/07/2001 (Agence Europe) - On Tuesday, the European Parliament adopted the result of conciliation procedure between Parliament and Council on "resale right", with a net majority of 405 votes in favour, 101 against and 32 abstentions. The agreement concluded on 6 June provides for the minimum resale price beyond which an artist may request a "resale right" on works to be EUR 3,000, and for the maximum amount of royalties to be EUR 12,500. The directive should take effect in 2010. Commissioner Frits Bolkestein welcomed this decision that "will allow artists to benefit from the resale right wherever their works are sold". In addition, the directive "will give the Commission a basis for promoting the recognition of the resale right at international level". Mr Bolkestein nonetheless stressed that the Commission will publish a declaration indicating that the time allowed for enforcement of the directive, ten years, is too long, and must remain exceptional. Along the lines of the United Kingdom, which battled for long years against the draft Council directive, fearing for its auction houses, British MEPs Jeffrey William Titford (EDD) and Lord Inglewood (EPP-ED) are opposed to the directive. Such legislation will "make a large part of the contemporary art market relocate to Geneva or to New York, threatening jobs in this trade and the industry linked to it", said Lord Inglewood.