Legislation to introduce a resale royalty right scheme to ensure Australia's visual artists receive a portion of the proceeds from the resale of their works was passed by the Senate on 26 November 2009.
It is anticipated that a collecting society to administer the right will be appointed in early 2010, and the resale royalty right will take effect six months after the legislation receives Royal Assent.
Under the scheme, artists will receive five per cent of the sale price when original works are resold through the art market for $1000 or more. The resale royalty right will apply to works by living artists and for a period of 70 years after an artist’s death.
The scheme will cover original works of art, such as a painting, a collage, a drawing, a print, a sculpture, a ceramic, an item of glassware or a photograph.
The resale royalty right will apply only on resales where the seller acquires a work after the resale royalty legislation takes effect.
The Australian Government committed to introducing a resale royalty right for visual artists in its 2007 election policy statement, New Directions for the Arts.
To inform the development of the Australian scheme, the Government conducted a series of targeted consultations with key arts and art market stakeholders in May 2008.
The Government announced funding of $1.5 million over three years in the 2008–09 Budget to support the scheme’s establishment.