Otago Polytechnic principal lecturer in sculpture and artist Michele Beevors said the new legislation meant artists would be able to continue to profit from their work and make earning a living as an artist in New Zealand a more viable option.
The legislation that New Zealand artists or their estate will receive royalty payments from art sold at auction or on the secondary market when the Artist Resale Royalty Scheme comes into effect on December 1.
In a statement, Ms Beevors said the new income was welcome for all New Zealand-based artists.
"So often art is sold by the creator, only to continue to increase in value in profits that are not seen by the artist.
"This is an important change for the future of art in Aotearoa," she said.
Under the Resale Right for Visual Artists Act 2023 and the Resale Right for Visual Artists Regulations 2024, eligible artists will receive a 4% royalty each time their artwork is resold over the threshold of $2000.
Minister of Trade Todd McClay highlighted the importance of this initiative in fulfilling New Zealand's free-trade agreements with the United Kingdom and the European Union.
"The Resale Royalties Scheme brings New Zealand in line with global standards to ensure artists are fairly compensated when their work is resold.
"It means New Zealand art sold here and overseas will return a payment to our artists." — APL
