First published in news & Buzz at www.artslant.com
Australian visual artists are set to receive an increase in the revenue generated by their work with the Australian National Government's passing of the long awaited resale royalty scheme.
Under the scheme artists whose work is re-sold in the secondary market for more than $1000 will receive a 5% royalty. Ex pop star and current Federal Arts Minister, Peter Garrett, said "It is only fair that artists and their descendants should share in the growing value of the artworks - particularly as value can grow substantially over time. In particular there will be benefits for Indigenous visual artists, who have experienced significant increases in the value of their work."
The Resale royalties will be collected and distributed to artists by a single collecting organization which is expected to be in place by mid 2010. The scheme will cover original works of art, such as paintings, collages, drawings, prints, sculptures, ceramics, an item of glassware or photographs made by living artists and/or their estates for up to 70 years.
It is expected that the royalty will be collected from overseas sales as well local sales especially from 49 countries that acknowledge a resale royalty right for visual artists. These countries include England, France, Germany, The Netherlands and the US State of California.
Further information about the Australian Resale Royalty scheme including a PDF link to all the countries that acknowledge a resale royalty right can be found here.