7. Fiduciary responsibility. The title of each of the works of art remains in the artist`s name until the artist is fully paid. After payment, the title is then transferred to the buyer. The entire proceeds from the sale of the works of art are held responsible for the artist until the artist`s full payment. The Gallery pays all amounts due to the artist before any proceeds from the sale are made available to all creditors of the gallery. 4. Discounts. A gallery may decide to reduce the sale price under certain conditions, as stated in your contract.
This practice is offered in the form of discounts. Artists or galleries can also vote on a „no-discount“ directive. Offering a discount raises two immediate questions. First of all, who takes the discount? Secondly, if the responsibility for the discount is to be shared between the gallery and the artist, how much should the artist wear? In the consignment agreement, the Committee provides two options for managing rebates. It is proposed to discuss this issue with the gallery. For more information, see the discount document for professional guidelines. Another important aspect of a consignment contract is when the gallery/store leaves the store. Their work is protected (by the contract) against creditors who want to claim in an inventory the money owed. 12th promotion. Marketing, promotion and advertising, including advertising costs, are the gallery`s responsibility. In addition, the gallery should properly exhibit the work and clearly identify the artist as the creator. This is the view of the Professional Guidelines Committee that the artist should not be expected to pay for the public.
The only exception would be if the artist wanted to buy advertisements that are outside the usual practice of the gallery. For example, an artist could bring money for a color display instead of the usual black and white display of the gallery. The gallery must not allow works of art to remain in the client`s possession for more than seven days, unless the work of art is purchased and fully paid for by the client, or the artist grants prior written permission. 9. Insurance. The gallery insures the artwork for its full wholesale price. When a right to insurance is claimed, the gallery pays all deductibles. 8.
Loss or damage. The Gallery is strictly responsible for the damage caused to thought or damage to available works of art from the date of delivery to the gallery until the return of the artwork to the artist or delivery to a buyer. In case of loss or damage that cannot be recovered, the artist receives the same amount as if the artwork had been sold at the sale price.
