(A) An art dealer shall not accept a work of art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of art unless, prior to or at the time of acceptance, the art dealer enters into a written contract with the artist that contains all of the following:
(1) The value of the work of art and whether it may be sold;
(2) The time within which the proceeds of the sale are to be paid to the artist, if the work of art is sold;
(3) The minimum price for the sale of the work of art;
(4) The fee or percentage of the sale price that is to be paid to the art dealer for displaying or selling the work of art.
(B) If an art dealer violates this section, a court, at the request of the artist, may 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.
Effective Date: 01-01-2007