A new law introduces a five per cent royalty payable on the commercial resale of works of visual art, including ceramics, fine-art jewellery and sculptures.
Sellers and their professional agents are primarily liable to pay the resale royalty, which is considered to be a debt due at the time of the resale. However, in certain circumstances, buyers may also be liable.
Sales not covered include those where the sale price is less than $1,000 (inclusive of GST), first sales, sales other than for monetary consideration, and sales outside the formal art market (that is, sales that do not involve an art market professional acting in that capacity).
The royalty will ordinarily be collected on the artist’s behalf by Copyright Agency Limited and will apply to resales after 8 June 2010. Artists can register with the agency to protect their interests.
|
Back