Visual Artists Rights Amendment of 1986 - Amends the copyright law to give the author of a pictorial, graphic, or sculptural work (or the author's estate) the right to claim authorship of such work when publicly displayed, independent of his or her copyright, and to disclaim such authorship of such works because of any distortions or alterations. Excludes work made for trade or advertising use. Grants the author of a work the exclusive right to assert infringement of copyright when such work is significantly distorted, mutilated, or altered by an intentional act or gross negligence. Entitles the author of a work to a royalty whenever such work is resold, requiring that royalties from resales more than 50 years after the author's death be paid to the National Endowment for the Arts for use in the visual arts program. Limits the entitlement to such resale royalty according to the amounts and percentage of resale price paid. Requires artists seeking resale royalties to register with the Copyright Office. Requires that all sales or transfers of works by registered artists be registered with the Office. Waives artists' rights when a work cannot be removed from a building without distortion, mutilation, or alteration.