Tolkien's Middle-earth Rights Explained

Something not mentioned in the video, art. Many people sell art based on the Tolkien works (including many linked to that video's credits). How does this work? Do they all have agreements with The Tolkien Estate?

Some points are inaccurate.

1. The royalty rate for gaming, merchandise and other "articles of tangible personal property" appears to be 1/3 of gross income.



2. Rankin/Bass's films were initially unauthorized. That's why they skipped two books.



3. Middle-earth Enterprises owns TV option rights of H/LR (and arguably S/UT).