The Copyright Agency has been appointed by the Australian Government to collect and pay royalties to artists on resales of artworks.
Under the artists’ Resale Royalty Scheme, all resales of artworks for $1,000 or more must be reported, and a 5% royalty is payable on certain resales.
Key features of the scheme:
- 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;
- all resales for $1,000 or more must be reported;
- a royalty is not payable on the first change of hands after 9 June;
- a royalty is not payable on resales for under $1,000;
- the scheme will be extended to artworks from countries that have similar schemes.
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The Resale Royalty Scheme started on 9 June 2010.
For more information, see the Resale Royalty website.