The New Zealand government has approved the establishment of an Artist Resale Royalty Scheme to ensure that visual artists are recognised and rewarded when their artwork is resold on the secondary art market. Cabinet approval was granted in August 2022, and standalone legislation for the Scheme is currently progressing through the House, with public consultation open until April 27, 2023, for both the Bill and the proposals for regulations that support it.
The proposals for regulations provide important operational details, such as the administration fee and the operation of the agency that will be appointed to collect royalties on behalf of artists. Public submissions on the proposals for regulations will close on May 25, 2023. The regulations will be set and monitored by Manatū Taonga Ministry for Culture and Heritage once the Bill has been enacted by Parliament.
The establishment of the Artist Resale Royalty Scheme aims to provide artists with ongoing recognition and financial compensation for the increasing value of their artwork in the secondary market. It acknowledges the contribution of visual artists to the cultural and creative landscape of New Zealand and seeks to support their livelihoods. The Scheme is expected to be established by December 2024, following the completion of the public consultation process and the passage of the legislation through Parliament.
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