Aussie Government Introduces Resale Royalty Rights Scheme
The Australian Government recently announced its intention to commence the Resale Royalty Rights Scheme.
Resale right legislation for Australia’s visual artists is expected to be in place by 1 July, 2009.
The royalty will be applied only to re-sales of original works of visual art sold through the secondary art market where the seller has acquired the work after the legislation takes effect. It will not be restricted just to works created after the scheme starts.
The royalty will be applied only to resales of original works of visual art sold through the secondary art market where the seller has acquired the work after the legislation takes effect.
Royalties are to be paid to artists who are Australian citizens or permanent residents, or their heirs. It will cover works being resold during an artist’s lifetime and for 70 years after the artist’s death. Royalty is to be calculated on a flat rate of 5%, uncapped. The minimum resale price before a royalty is imposed will be $1000.
The scheme will be managed by a single collecting organisation, appointed by the Australian Government following an open tender selection process.
bluethumb supports the royalty rights of artists and will provide the collecting organisation nominated by the Australian Government any necessary information required under the Resale Royalty Rights Scheme for all applicable sales of artwork made via the bluethumb website.
