Is there a “qualifying resale”?

Checklist 1: If all three criteria below are checked, the resale is a “qualifying resale”

• The resale value must be $2,000 NZD (excl. GST) or greater
• The contract for the resale must be entered into on or after the commencement date of the Act (1^st December 2024)
• The sale must be a “Professional Resale” or a “Voluntary Qualifying Resale”

Note:

“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).