Did you know that the Artist Resale Royalty Scheme stipulates that if an artist's work was bought from the artist or another person after 9 June 2010 and then resold commercially for over $1,000, the artist is, in most cases, entitled to 5% of the resale price?
The Scheme was set up to recognise the right of artists to receive an ongoing financial benefit each time their artwork is resold in the market. This was and continues to be important for Aboriginal and Torres Strait Islander artists across the country.
The Copyright Agency has been appointed by the Commonwealth Government to collect royalties to pay to artists and says most royalties are between $50 and $500, paid either directly to living artists or their beneficiaries.
Resellers of artwork are legally required to report all resales to the Copyright Agency and pay royalties on those resales that meet the eligibility criteria. More information on the eligibility criteria can be found at: www.resaleroyalty.org.au
Recently it was announced that the Scheme reached a milestone of $11 million of royalties being paid to artists or their beneficiaries since the Scheme started in 2010: Resale Royalty scheme hits $11 million milestone.
In June 2021, an announcement was made regarding Resale Royalty reciprocity in the Australia – UK Free Trade Agreement (FTA). It stated:
“The FTA will also begin a process to allow Australian artists to receive royalties when their original works of art are resold in the UK and vice versa. This will provide new income opportunities for Australian visual artists whose works are resold in the UK. This will include Australia’s acclaimed Indigenous art sector. The process to implement reciprocal artist resale royalties will include consultation with art sector stakeholders in Australia and the UK.”
The Copyright Agency is in discussions with the Office for the Arts, the Department of Foreign Affairs and Trade and the UK to commence the consultation process. If you have any questions about the consultation process please contact: resale@copyright.com.au
All artists and particularly Aboriginal and Torres Strait Islander artists are encouraged to register your details with the Copyright Agency. This is so they can find you and pay you if a resale royalty is collected on your behalf. To find out more about the Scheme and register your details, visit: Copyright Agency | Royalty Resale