The objectives of the Resale Royalty Scheme are to provide visual artists with:
a) recognition of their ongoing rights in their art; and
b)additional income through royalties derived from commercial resales of their art.
Under this law, Australian visual artists and craft practitioners are entitled to five per cent of the resale price of eligible artworks sold commercially for $1,000 or more. The right is inalienable and endures for the life of the artist plus 70 years.
Key features of the scheme:
it applies to resales of existing as well as new works;it applies to a range of original artworks, including limited edition prints authorised by the artist;it does not apply to a private sale from one individual to another;all resales for $1,000 or more must be reported. However, a royalty is not payable on resales for under $1,000;a royalty is not payable on the first change of hands after 9 June 2010;
It is intended that the scheme will be extended to artworks from countries that have similar schemes.
For more information visit the Resale Royalty