We have a similar law in California, the Resale Royalties Act (RRA of 1976). I suspect your law may be modeled after ours since the terms are similar.

I started securitiedarts.com to deal with any ofthe problems you address and then some.

Several years ago I left the finance industry to start a company (SecuritizedArts.com) to deal with the enforcement of the RRA for artists. This was also based on a thesis I developed in public policy grad school, concerning inefficiencies in the art market and the potential of ultra-long-term options to lose them.

I’ve just started publicizing the company this year, so I need feedback and would love your opinion of the site, idea, presentation, etc.

And, if what I’m doing can help Australian artists that’d really be great too. There is no reason I couldn’t modify the contracts to mesh with Australian law.

Benefits of our approach are:

It’s pro-artist, rather than pro patron;

It allows artists to effortlessly track and control their work over their lifetime;

it strengthens the enforcement of an otherwise “toothless” law;

it extends rights to ALL sales, regardless of price level;

it creates price transparency and “liquidity” (facilitating sales) in a traditionally opaque market;

and, perhaps most important to me, it allows lower-income buyers to buy real art — bringing together folks who would not otherwise be able to afford real art with the artists unsold inventory — a win-win proposition.

Artists can place work with non-traditional buyers, lowering the price to a true “market-clearing” level, later buying it back when conditions are favorable, at no loss in value to their potential estate.

We also provides artist with asset and legacy management strategy and services for both heirs and institutions.

I’d love to get the word out if you find it worthwhile.

Best wishes,
Andrew Richard
San Diego
California, USA
(619) 341-4278

Thanks for the interesting info. Have you considered doing a top 10 art publications post? Or perhaps a top 10 website list on where to get your art market information?

Cheers,
Adam