August 20, 2008

Australian Government Plans to Require Payments to Original Artists on All Subsequent Sales

[The Australian Government] "is determined to introduce a resale royalty scheme this year giving artists a percentage of the sale price whenever their work is sold. The details have yet to be finalised but some industry bodies have called for a flat rate of 5 per cent on all sales and for the royalty to apply to all works sold for more than $500. That would mean an artist who sold a work 10 years ago for $500 could reap up to $10,000 if it was sold again for 200,000." Per The Sidney Morning Herald (more that the foregoing link), via artkrush.

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