Art for the dealers’ sake
THE art market is a roller-coaster: in good times, the work of sought-after artists can change hands for millions. In bad times, buyers quit the field and prices collapse. Until last year, though, artists gained nothing when their works were resold possibly for many times what they had originally received at the first sale. That changed in June when the federal government introduced a scheme to pay artists royalties of 5 per cent of the resale price of their works.
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