Government releases Resale Royalty Scheme Review Report
Last December the Copyright Agency welcomed the release of the Australian Government’s Post-Implementation Review for the Resale Royalty Scheme. The report analyses the first three years and four months of the Scheme and provides a valuable snapshot into its implementation and early operation.
The Resale Royalty Scheme entitles visual artists to five per cent of the price of eligible artworks resold commercially for $1,000 or more. This right applies to artworks by living artists and for 70 years after an artist’s death.
Minister for Communications, Cyber Safety and the Arts, the Hon Paul Fletcher MP, found that the scheme is delivering on its purpose to provide financial returns to artists and commended the Copyright Agency for “its efficient and effective administration of the scheme”.
At the time of the report, the Scheme had generated $2 million in royalties from 7,700 resales attributed to over 780 artists or beneficiaries.
Now in its tenth year of operation, the Scheme has continued to grow in both revenue for artists, and the number of artists receiving a royalty. To date, the scheme has generated over $8 million in royalties from more than 20,000 resales for 1,900 artists.
A copy of the review can be found at the Department of Infrastructure, Transport, Regional Development and Communications website.