407.902. Art delivered to art dealer for sale or exhibition deemed consignment, when, exception--written contract required, contents.

Art delivered to art dealer for sale or exhibition deemed consignment,when, exception--written contract required, contents.

407.902. 1. Notwithstanding any custom, practice, or usageof the trade to the contrary, whenever an artist delivers, orcauses to be delivered, a work of fine art of the artist's owncreation to an art dealer in this state for the purpose ofexhibition or sale, or both, on a commission, fee, or other basisof compensation, the delivery to and acceptance of such work offine art by the art dealer from the artist shall constitute aconsignment unless the delivery to the art dealer is pursuant toan outright sale for which the artist has received or receives,either prior to or upon delivery, full compensation for the workof fine art.

2. Whenever a consignee accepts a work of fine art from anartist for the purpose of sale or exhibition and sale to thepublic on a commission, fee, or other basis of compensation,there shall be a written contract or agreement between the artistwho is the consignor and consignee which shall include, but neednot be limited to, provisions that:

(1) The proceeds of the sale of the work of fine art shallbe delivered to the artist who is the consignor at a scheduleagreed upon by the artist who is the consignor and consignee;

(2) The consignee shall be responsible for the stated valueof the work of fine art in the event of the loss of or damage tosuch work of fine art while it is in the possession of suchconsignee;

(3) The work of fine art shall only be sold by the consigneefor an amount at least equal to the amount agreed upon by theartist who is the consignor in writing;

(4) The work of fine art may be used or displayed by theconsignee or others only with prior written consent of the artistwho is the consignor.

(L. 1984 S.B. 688 § 2)