Category: For Successors
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What happens when the sale is from an Artist’s Estate: Is it a Resale?
The resale royalty scheme applies to all sales after the first transfer of ownership (whether that first transfer was for money or not). This means it’s important that the parties consider whether the estate sale in question is (or is not) the first ever transfer of ownership of the artwork, or rather whether there has […]
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What happens if the artist has died?
After an artist’s death, the right to receive the resale royalty payment passes to their successor. However, the successor must meet the same eligibility requirement to receive payment (meaning they are a citizen or domiciled or resident in New Zealand or a reciprocating country or in the case of a body corporate, they are incorporated, registered, or […]
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When does the resale right expire?
In the case of deceased eligible artists, their resale right may or may not have expired. A resale royalty will only be payable if the contract for the resale was entered into on or before the following expiry dates (as applicable): If the resale contract was entered on or before the expiry date, a resale royalty is payable. If the resale contract […]