District of Columbia § 28-5102 Art dealer and artist; relationship.

District of Columbia Statutes

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

District of Columbia·Title 28 Commercial Instruments and Transactions. [Enacted title]·Ch. 51 Works of Fine Art.

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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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.

District of Columbia § 28-5102 (Art dealer and artist; relationship.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.