Category: Buyers & Sellers
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I’ve been gifted or inherited an artwork; do I need to pay a resale royalty?
“Resale” does not include the first transfer of ownership of the artwork (irrespective of whether the first transfer of ownership was made for money or other consideration). However, if you decide to sell an artwork that was gifted to you or inherited by you, and the criteria for a qualifying resale is met, then a […]
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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 […]