44-1772. Art dealer and artist;
relationship
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 is, with respect to that work of fine art, the agent of the
artist.
2. The work of fine art is trust property and the art dealer is trustee for the
benefit of the artist until the work of fine art is sold to a bona fide third party or
returned to the artist.
3. The proceeds of the sale of the work of fine art are trust property and the art
dealer is trustee for the benefit of the artist until the amount due the artist from the
sale is paid.
4. The art dealer is strictly liable for the loss of or damage to the work of fine
art while it is in the art dealer's possession. The value of the work of fine art is,
for the purpose of this section, the value established in a written agreement between the
artist and art dealer prior to the loss or damage or, if no written agreement regarding
the value of the work of fine art exists, the fair market value of the work of fine art.
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