13 August, 2010
Artist Resale Royalties
About the artists resale royalty scheme
Under the artists resale royalty scheme:
* commercial resales of artworks must be reported; and
* a 5% royalty is payable on some resales.
The Australian government has appointed Copyright Agency Limited (CAL) to manage the scheme.
Key features of the scheme:
* it applies to resales of existing as well as new works;
* it applies to a range of original artworks, included limited edition prints authorised by the artist;
* it does not apply to a private sale from one individual to another;
* a royalty is not payable on the first change of hands after 9 June, but all resales must be reported;
* a royalty is not payable on resales for under $1,000;
* the scheme will be extended to artworks from countries that have similar schemes.