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:
- The art dealer shall be, with respect to that work of fine art, the agent of the artist;
- A trust shall be created;
- 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
- 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.
Historical and Statutory
Legislative History of Laws
For history of Law 18-310, see notes under § 28-5101.
DC CODE § 28-5102
Current through December 11, 2012
(Mar. 12, 2011, D.C. Law 18-310, § 3, 57 DCR 12392.)