New Zealand art business commits to paying Resale Right
2.5% of the Hammer Price will be paid to artists upon the first auctionNovember 13th, 2015 in Resale Right Asia and Australia
In a step forward to support visual artists, the New Zealand based art business Bowerbank Ninow has vowed to implement a Resale Royalty of 2.5% of the hammer price of any artwork sold from their catalogue. The works of art, numbering over 40 pieces, can be consulted online and bear estimated values from $500 to over $100k.
Supporting the same rationale that artists should share in the value of their art, the art business is committed to pay the Royalty from its own profits, thus not adding any additional cost to either the buyer or the seller.
While the introduction of an artists’ resale right provision is still under debate in New Zealand, Bowerbank Ninow has sent a strong message that the art world is prepared and willing to implement this essential right for visual creators.