The Copyright Agency Limited (CAL) has been appointed to administer the recently enacted resale royalty scheme for visual artists. Arts Minister Peter Garrett announced the appointment following an open tender, which closed in February 2010.
The resale royalty scheme was introduced by the Rudd Government last year and provides a new income stream for visual artists in Australia.
The resale royalty is 5% of the price of original artworks resold commercially for $1,000 or more. The right applies up to 70 years after the relevant artist’s death.
According to the Minister’s press release, CAL will take a 10% administrative fee out of any resale royalties collected on artists’ behalves, to cover the cost of administering the scheme.
Importantly, the right will only apply to resale where the work was first purchased after the commencement of the new legislation – that is, on or after 9 June 2010.
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