RESALES UNDER $1,000 EXEMPT FROM ROYALTY SCHEME
Resales under $1,000 exempt from royalty scheme - Art Collector
|19 December 2011 | Under changes to the resale royalty scheme announced last week, resales under $1,000 no longer need to be reported. |
According to the Copyright Agency, which administers the scheme, resales under $1,000 do not attract royalties, so this change will not affect artists’ income however it will reduce the reporting requirements for art market professionals.
The changes came into effect on 14 December 2011.
The scheme provides a five per cent royalty payment to artists from the resale of their artwork. It has collected over $500,000 in resale royalties for Australian artists since it commenced in 2010.
“To date the scheme has generated over 3000 resales that have benefited over 300 artists with around 66 per cent of royalty payments going to Aboriginal and Torres Strait Islander artists,” says arts minister Simon Crean.
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