Australia's first ever resale royalty scheme for visual artists commenced on 9 June 2010. The Resale Royalty Right for Visual Artists Act 2009 (Cth) (Act) enables visual artists to receive five percent of the sale price when their works are resold in the secondary art market for $1,000 or more.
Minister for the Arts, Peter Garrett, stated "I am thrilled to see this day arrive, where the value we place on Australian visual art is finally recognised – artists are entitled to share in the profits of their works as they are traded and appreciate in value".
1 How can artists receive royalties through the scheme?
If an artwork is sold, the artist can generally collect a royalty where:
- the resale occurs after 8 June 2010;
- the sale price is $1,000 or more;
- the artist is alive (or has been deceased for less than 70 years); and
- at the time of the commercial resale of the artwork, the artist is:
- an Australian citizen;
- a permanent resident in Australia; or
- a national citizen of a country prescribed as a reciprocating country.
What type of artwork is provided for in the scheme?
The Act includes an extensive definition of 'works of visual art' to include artists' books, carvings, digital artworks, fine art jewellery, photography, glassware and tapestries.
The Act applies to both existing and new works.
Who will administer the scheme?
Under the Act, the scheme will be administered by a collecting society appointed by the Minister. Copyright Agency Limited, a non-profit company that manages rights for authors, artists and publishers, has been appointed as the first collecting society for a five-year period.
Where can I find further information?
1 Media Release of Australian Government, 9 June 2010, 'Australia's first ever resale royalty scheme starts'
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