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Bowerbank Ninow to Open with Artist's Resale Royalty

Bowerbank Ninow to Open with Artist's Resale Royalty

A bold new art business, founded by Simon Bowerbank and Charles Ninow, is set to open its doors in August in the heart of Auckland’s premier gallery district. BOWERBANK NINOW will hold both auctions and exhibitions and offer private sales and valuations.

Located below Ivan Anthony, beside Michael Lett and across the street from Artspace at 312 Karangahape Road, BOWERBANK NINOW will maintain a full-time gallery program of primary and secondary market exhibitions by leading New Zealand and international artists. The first exhibition in August will be Theo Schoon.

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 will become the first art business in New Zealand to offer a voluntary resale royalty of 2.5 percent of the hammer price, paid at no cost to the vendor or buyer, of any work by a living artist at auction. “We recognize the secondary market as a vital and integral aspect of the art market,” says Mr. Ninow. “While the auction market plays an active role in value-development, we believe it is important that Bowerbank Ninow has a positive, tangible role in fostering contemporary practice,” adds Mr. Bowerbank.

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.

BOWERBANK NINOW’s inaugural auction will take place on 25 November, 2015.

About the directors:

Simon BOWERBANK holds a Master of Fine Arts and Bachelor of Arts (hons) with first class honors from University of Auckland. Simon managed Ivan Anthony, one of New Zealand’s most pre-eminent dealer galleries, for five years. At the beginning of 2014 he joined Webb’s as a Senior Fine Art Specialist. Outside of both of those positions, Simon has written for publications, curated exhibitions and worked with artists directly putting Creative New Zealand proposals together and helping them with participation in art fairs.

Charles NINOW holds a Master of Fine Arts with first class honors from University of Auckland. For close to half a decade Charles worked in the Fine Art department at Webb’s auction house. As one of New Zealand’s foremost auctioneers, Charles has conducted landmark sales for works by prominent New Zealand artists such as Colin McCahon, Bill Hammond, Andrew Mcleod and Tony Fomison, among others. Charles's knowledge of the New Zealand secondary art market is formidable and highly sought-after. He is regularly called upon to provide valuation advice to leading New Zealand institutions.

EBDS

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