Terms Used In Arizona Laws > Title 44 > Chapter 11 > Article 12 - Consignments of Works of Fine Art

• Art dealer: means a person engaged in the business of selling works of fine art, other than a person exclusively engaged in the business of selling goods at public auction. See Arizona Laws 44-1771
• Artist: means the creator of a work of fine art. See Arizona Laws 44-1771
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• On consignment: means delivered to an art dealer for the purpose of sale or exhibition, or both, to the public by the art dealer other than at a public auction. See Arizona Laws 44-1771
• Person: means an individual, partnership, corporation, association, or any other entity of whatever kind or nature. See Arizona Laws 44-1691
• Property: includes both real and personal property. See Arizona Laws 1-215
• Trustee: A person or institution holding and administering property in trust.
• Work of fine art: means an original or multiple original art work which is:

  (a) A visual rendition, including a painting, drawing, sculpture, mosaic or photograph. See Arizona Laws 44-1771