§ 28-5102. Art dealer and artist; relationship.

Current through October 23, 2012

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 shall be, with respect to that work of fine art, the agent of the artist;

(2) A trust shall be created;

(3) The work of fine art shall be trust property and the art dealer shall be a trustee for the benefit of the artist until the work of fine art shall be sold to a bona fide third party; and

(4) The proceeds of the sale of the work of fine art shall be trust property and the art dealer shall be a trustee for the benefit of the artist until the amount due to the artist from the sale is paid.

                
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(Mar. 12, 2011, D.C. Law 18-310, § 3, 57 DCR 12392.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For history of Law 18-310, see notes under § 28-5101.