10-1-523. Written contract required for consignment of work of art; violation by art dealer rendering artist’s obligation voidable.

An art dealer may accept a work of art on a fee, commission, or other compensation basis on consignment from the artist who created the work of art only if prior to or at the time of acceptance the art dealer enters into a written contract with the artist establishing:#

1. (1)

   The value of the work of art;#

2. (2)

   The time within which the proceeds of the sale are to be paid to the artist if the work of art is sold; and#

3. (3)

   The minimum price for the sale of the work of art.#

If an art dealer violates this Code 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.#