Fine Art Consignment in the time of COVID-19: How safe is your Art?

Fine Art Galleries and Consignment: How Safe is your Fine Art?

Consignment

But, lets first look at what we mean by ‘consignment’.

The UCC exception: all is not what it seems

That would be a good question indeed.

The states step in: state fine art consignment statutes

Given the spectre of unscrupulous galleries and the chance of falling subject to gallery creditor claims, state legislatures in certain states, most notably New York and California, but also Michigan, Illinois and Texas, and a number of others, have stepped in to regulate this position.

Artist Gary Bunt’s ‘Man and Dog’

Moral of the story: get the agreement in writing, and file

There are potentially a very large number of works of fine art hanging on gallery walls or sitting in gallery inventories.

www.TheFineArtLedger.com

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Sam Miller

Sam Miller

Founder: TheFineArtLedger.com, blockchain powered fine art title and authentication platform, art collector, Rimon P.C. corporate finance attorney. Venice, CA