556D.1 Definitions. As used in this chapter, unless the context requires otherwise: 1. “Art dealer” means a person engaged in the business of selling works of fine art, in a shop or gallery devoted in the majority to works of fine art, other than a person engaged in the business of selling goods of general […]
556D.2 Consignment. 1. If an artist delivers or causes to be delivered a work of fine art of the artist’s own creation to an art dealer in this state for the purpose of exhibition or sale on a commission, fee, or other basis of compensation, the delivery to and acceptance of the work of fine […]
556D.3 Conditions of consignment. The following apply to consignment: 1. The art dealer, after delivery of the work of fine art, becomes an agent of the artist for the purpose of sale or exhibition of the consigned work of fine art. 2. The work of fine art shall be held in trust by the consignee […]
556D.4 Consignment — trust arrangement. A consignment remains trust property, even if purchased by the art dealer, until the price is paid in full to the artist. If the work is resold to a bona fide purchaser before the artist has been paid in full, the proceeds of the resale received by the art dealer […]
556D.5 Waiver provision void. A provision of a contract or agreement where the art dealer waives a provision of this chapter is void. 86 Acts, ch 1233, §5
