BREXIT MEANS BETTER TRADE
Summary:
From March 31st 2024, due to the terms of the UK-Australia FTA, all artwork re-sold in Australia made by British artists will see 5% of the resale price paid to the artist (where the resale value is over AUS$1,000). This would not be possible without the UK-Australia FTA, which in turn would not be possible without having left the EU.
Explanation:
From March 31st 2024, due to the terms of the UK-Australia Free trade Agreement, all artwork re-sold in Australia made by British artists will see 5% of the resale price paid to the artist (where the resale value is over AUS$1,000).
Under this agreement, UK artists will now be entitled to claim resale royalties each time their artwork is resold in the Australian professional art market.
The Artist’s Resale Right (ARR) serves as a crucial income source for emerging artists, with a vast majority utilizing these royalties for living expenses and art materials. On average, UK artists earn £5,000 annually from ARR, highlighting its importance in sustaining their artistic endeavours..
Under the new legislation enacted by the Australian parliament, UK artists will receive resale royalties equivalent to 5% of the sale price for artworks sold commercially for AUS$1,000 or more. This reciprocal agreement replaces the previous scenario where British artists did not receive any royalties from Australian sales. Starting 1 April 2024, ARR royalties in the UK will be calculated in pounds instead of euros, a post-Brexit adjustment aimed at better reflecting the UK market and reducing costs for businesses processing royalty payments.
The commission arrangement would not be possible without the UK-Australia FTA, which in turn would not be possible without having left the EU.
Reference: https://www.gov.uk/government/news/uk-artists-on-course-for-royalty-windfall-down-under