Protecting artists’ profits

Australia’s resale royalty scheme for visual artists has reached the incredible milestone of over $500 000 in royalty payments in just over a year since the scheme started in 2010.

The scheme provides a five per cent royalty payment to artists from the resale of their artwork and is an important source of additional income for many Australian visual artists.

Arts Minister Simon Crean said achieving this milestone in just a year and a half since the scheme was introduced demonstrates the success of the scheme in providing valuable royalty payments for Australian artists.

"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,” Mr Crean said.

Mr Crean also announced changes to the scheme removing the requirement for art market professionals to report resales under $1000 to Copyright Agency Limited, the organisation appointed by the Australian Government to administer the scheme. 

The changes, which were introduced following industry consultation, don’t impact on an artists' income as resales under $1000 do not attract royalties.

Other changes to the scheme include setting out a definition for 'sufficient detail' in reporting of resales and enabling the Australian Government to determine a reporting format to provide clearer guidance for art market professionals.

The Resale Royalty Right applies to works by living artists and for a period of 70 years after their death.  The types of artworks covered can include ceramics, digital artworks, fine art jewellery, installations, paintings, photographs, prints and tapestries to name just a few. To find out more visit Copyright Agency Limited.