What is Resale Royalty?
The artists’ resale royalty scheme is Government Legislation and started on 9 June 2010. Under the scheme: commercial resales of artworks for $1,000 or more must be reported; and a 5% royalty is payable on some resales.
The Australian government appointed Copyright Agency to manage the scheme. Key features of the scheme: it applies to resales of existing as well as new works; it applies to a range of original artworks, included limited edition prints authorised by the artist; a royalty is not payable on resales for under $1,000. If an artwork is liable for Resale Royalty this will be marked in the lot description.