Accurate reporting vital for resale royalties
The Resale Royalty Right entitles visual artists to a 5 per cent royalty when an eligible work resells in Australia for $1,000 or more.
One of the eligibility criteria for a resale royalty is that the person selling the artwork acquired it it on or after after the scheme commenced on June 9, 2010.
To ensure the royalty income due to artists is being paid fairly by all, accurate reporting of when the seller acquired the work is essential.
Copyright Agency actively investigates acquisition dates and successfully recovers royalties. So far, 95% of the resales queried for accuracy have been confirmed eligible and the royalty collected for the artist.
It is important to all parties involved that this information is correct as the responsibility to pay the royalty sits jointly with the seller, art market professional and the buyer. Copyright Agency provides a suggested statement for gathering this information from sellers.
Copyright Agency works closely with both artists and art market professionals on cases where it is believed a resale royalty may be due. More information on reporting obligations can be found in Division 5 and Section 39 of the Resale Royalty Right for Visual Artists Act 2009: https://www.legislation.gov.au/Details/C2013C00287
The resale royalty team is available to assist artists, estates and art market professionals on 1800 066 844 or email@example.com