Section 10 of the Act says that “resale value” means: “the value of the consideration given for the visual artwork under the contract for resale”.
This may include:
- the amount paid in New Zealand dollars;
- the value of goods and/or services paid in kind;
- (if paid in another currency), the amount converted to NZD at the date of payment.
It does not include:
- goods and services tax (GST; or
- duties, levies, or taxes (etc) under the Customs and Excise Act 2018; or
- “any costs associated with the resale, for example, a commission or a buyer’s premium”