44-1772. Art dealer and artist; relationship
If an art dealer accepts 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:
1. The art dealer is, with respect to that work of fine art, the agent of the artist.
2. The work of fine art is trust property and the art dealer is trustee for the benefit of the artist until the work of fine art is sold to a bona fide third party or returned to the artist.
3. The proceeds of the sale of the work of fine art are trust property and the art dealer is trustee for the benefit of the artist until the amount due the artist from the sale is paid.
4. The art dealer is strictly liable for the loss of or damage to the work of fine art while it is in the art dealer's possession. The value of the work of fine art is, for the purpose of this section, the value established in a written agreement between the artist and art dealer prior to the loss or damage or, if no written agreement regarding the value of the work of fine art exists, the fair market value of the work of fine art.
Section: Previous 44-1749 44-1750 44-1761 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 NextLast modified: October 13, 2016