Category: Buyers & Sellers
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If I’ve been gifted or inherited an artwork; do I need to pay a resale royalty?
No, the first transfer of ownership of an artwork, whether acquired through gift or inheritance, does not trigger a resale royalty obligation. The Artist Resale Royalty Scheme specifically applies to “resales,” which are any subsequent transfers of ownership following the artwork’s first transfer. As a “Resale” does not include the first transfer of ownership of […]
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How are voluntary qualifying resales enforced?
A “Voluntary Qualifying Resale” means that all parties to the resale agree in writing that the resale is a qualifying resale for purposes of the Act; and what % of the resale value they agree will be payable to the artist as a resale royalty; and who will provide the relevant information to the Collection Agency. […]
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Who calculates resale value in a “voluntary qualifying resale”?
Section 9(3) of the Act states that any resale other than a professional resale may be a “voluntary qualifying resale” all the parties to the resale agree in writing that the resale is a voluntary qualifying resale, and what percentage of the resale value will be payable as the ARR, which in effect means both […]