The Princess of Wales is set to make a major royal first this year. Kate, 43, will be the first Princess of Wales since 1910 ...

Salted fish is traded for fur and feed grains. A block of wood is whittled into a toy horse and sold at an artisan market.

This straightforward method sets the royalty at 25% to 33–1/3% of before-tax profits from operations in which the licensed intellectual property is used. But which profit line do you use?

Sky Gellatly is a matchmaker between artists and brands, and his eye for deals has resulted in some flashy, and lucrative, ...