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The DC Code: § 28-5102 Art dealer and artist; relationship.

Index28 Commercial Instruments and Transactions. (Refs & Annos)

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.

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

Credits

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