Consignment Agreement For Art In Illinois
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FAQ
Consignment Agreement. Consignment is a more accurate term than 'sale or return', because it makes dear to both sides that the artist does not intend to sell the works to the gallery at any stage, but merely intends to leave them for sale by the gallery as artist's agent or consignee on a commission basis.
To “consign” a painting, ing to Merriam-Webster, is to send or address it to an agent to be cared for or sold. In the art world, the term is used when collectors, artists, and galleries entrust other galleries or auction houses with artworks, hoping to make a sale. Simple in definition, more complex in actuality.
What is artwork consignment, exactly? Put simply, it's the professional method for reselling art that involves a collector giving their work to resale art dealers or auction houses to sell on their behalf, with the ultimate objective of making a sale.
(1) Whenever an artist delivers or causes to be delivered a work of fine art of the artist's own creation to an art dealer in this State for the purpose of sale, exhibition, or both, on a commission, the delivery to and acceptance of the work of fine art by the art dealer is deemed to place the work of fine art on ...
A consignment agreement is a contract between a consignor (owner or supplier of goods ) and a consignee (who sells the goods). Its purpose is to outline the terms and conditions for the sale of goods, including payment terms, agreement duration, rights and duties of both parties.
With consignment inventory, the manufacturer, wholesaler or supplier retains ownership of the goods until the retailer sells them to customers. The retailer then pays the supplier for the goods it sells and returns any items that go unsold.
Other Potential Consignment Percentages and Fees While 60/40 is a common consignment split, you may come across other arrangements - some that work in your favor and some that work against you. Some craft artists negotiate a 70/30 split (70% for the craft artist and 30% for the retailer).
To consign is to 'deliver something to someone'. In terms of art, it's when the owner of the artwork - the consigner - consigns (gives) their artwork to a gallery or auction house via a specialist, with the intention of putting the work up for sale.
