Tuesday, May 13, 2008

The 5 percent solution

The Government is acting on its promise to introduce a resale royalty on the sale of artwork. The Copyright (Artists' Resale Right) Amendment Bill was introduced into Parliament today.

In its present form the legislation, if passed, will mean visual artists receive a 5 percent royalty payment each time one of their original art works (if worth more than $500) is resold commercially, through any auction house, gallery, dealer, or other intermediary or professional involved in the business of dealing in works of art. The royalties will be owed on work sold during the artist’s lifetime and for 50 years after the artist’s death.