Auction N1 Introduces Artist's Resale Royalty

Auction N1 Introduces Artist's Resale Royalty

The first auction catalogue of the new Auckland-based art business, BOWERBANK NINOW, is now online. The catalogue contains a carefully curated selection of over 40 lots of contemporary and modern New Zealand art by artists such as Michael Parekowhai, Séraphine Pick, Shane Cotton, Bill Hammond and Yvonne Todd and is accompanied by a printed publication that includes commentary from leading New Zealand arts writers.

In support of New Zealand one day joining the list of countries who have written artist's resale royalty rights or Droit de suite into law, BOWERBANK NINOW'S Auction N1 will see the debut of their policy of paying a resale royalty to living New Zealand artists. 2.5% of the hammer price of any artwork sold during the auction will be distributed to the work's creator. These funds will be drawn from Bowerbank Ninow's profits and will not result in any additional cost to either the buyer or seller.

Resale royalties are the rights of visual artists to receive a certain percentage of the resale price of their work after the original sale, whenever resold by commercial dealers or auctioneers. The rationale is that artists should participate in the increasing value of their art. Resale royalty rights for visual artists were first granted in France in 1920 followed by Belgium in 1921. They now exist in more than 70 countries as well as in California in the United States.

Auction N1 will take place on 25 November, 2015. A catalogue of the included works is viewable online at: http://bowerbankninow.com/auctions/auction-no1/

ends

© Scoop Media