The resale royalty scheme entitles artists and their beneficiaries to a 5% royalty on certain resales of their works.
The Australian government has appointed Copyright Agency to manage the scheme. ‘Copyright Agency is a non-profit organisation that has been managing rights for artists, publishers and other creators for 50 years.
"Art market professionals" - who include auctioneers, art dealers, art galleries, museums and others involved in the business of dealing in artworks - have legal obligations under the scheme.
Vendors – directly or through their agents – must provide Copyright Agency with sufficient information about all commercial resales after 8 June 2010 for Copyright Agency to work out:
- provide certain information to Copyright Agency; and
- ensure, together with the buyer and seller that royalties are paid to Copyright Agency to on-pay to artists and their beneficiaries.
This information can be provided to Copyright Agency by the gallery, auction house or dealer.
A royalty is payable on a reported resale if:
- the work was acquired after 8 June 2010;
- the sale price (including GST) was $1,000 or more;
- the artist is from Australia or a country listed in the Regulations to the Act.
If you have a question about the Resale Royalty Scheme, Copyright Agency or anything else, please fill in our enquiry form