44-1775. Art dealer required to obtain written contract
A. An art dealer may accept a work of fine art, on a fee, commission or other compensation basis, on consignment from the artist who created the work of fine art only if prior to or at the time of acceptance the art dealer enters into a written contract with the artist establishing:
1. The value of the work of fine art.
2. The time within which the proceeds of the sale are to be paid to the artist, if the work of fine art is sold.
3. The minimum price for the sale of the work of fine art.
B. If an art dealer violates this section a court may, at the request of the artist, void the obligation of the artist to that art dealer or to a person to whom the obligation is transferred, other than a holder in due course.
Section: Previous 44-1761-version-2 44-1762 44-1763 44-1771 44-1772 44-1773 44-1774 44-1775 44-1776 44-1777 44-1778 44-1791 44-1792 44-1793 44-1794 NextLast modified: October 13, 2016