Wisconsin Statutes 129.05 – Art dealer required to obtain written contract
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 129.05
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) An art dealer may accept 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 only if prior to or at the time of acceptance the art dealer enters into a written contract with the artist establishing:
(a) The value of the work of fine art;
(b) The time within which the proceeds of the sale are to be paid to the artist, if the work of fine art is sold; and
(c) The minimum price for the sale of the work of fine art.
(2) If an art dealer violates this section a court may, at the request of the artist, void the obligation of the artist to that art dealer or to a person to whom the obligation is transferred, other than a holder in due course.