Bowerbank Ninow pays a voluntary resale royalty of 2.5% of the hammer price to living artists whose works we sell either privately or at auction. This royalty is funded by the proceeds of our buyer’s premium so does not result in any additional cost for either the buyer or seller. We are the first and only art business in New Zealand to institute such a policy.
Resale royalties, or Droit de suite, 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 art 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.
As of May 2016, Bowerbank Ninow has paid, or is in the processing of paying, a total of $9,025.25 to 26 different living New Zealand artists.
If you are an artist and would like to register your details with us, contact firstname.lastname@example.org.