ARTICLE · 23 APRIL 2010

The New Resale Royalty For Artists

Addisons

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From 9 June 2010, Australia will have in place a Resale Royalty Scheme for Visual Artists (Scheme) pursuant to the provisions of the recently enacted Resale Royalty Right for Visual Artists Act 2009 (Cth) (Act).

AustraliaTax

From 9 June 2010, Australia will have in place a Resale Royalty Scheme for Visual Artists (Scheme) pursuant to the provisions of the recently enacted Resale Royalty Right for Visual Artists Act 2009 (Cth) (Act).

Under the Scheme, artists will receive a royalty payment each time their artwork is commercially resold through the art market by an art market professional. The Scheme will serve to provide an additional income stream to visual artists, in contrast to the current state of play where an artist's income is derived from the one time only initial sale of his or her work. The royalty will allow artists to share in and financially benefit from the commercialisation of their works resold on the secondary art market.

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