(815 ILCS 320/0.01) (from Ch. 121 1/2, par. 1400) Sec. 0.01. Short title. This Act may be cited as the Consignment of Art Act. (Source: P.A. 86-1324.)

(815 ILCS 320/1) (from Ch. 121 1/2, par. 1401) Sec. 1. As used in this Act, unless the context otherwise requires: (1) "Art dealer" means a person engaged in the business of selling works of fine art, other than a person exclusively engaged in the business of selling goods at public auction. (2) "Artist" means the creator of a work of fine art or, if such person is deceased, the creator's heir, legatee, or personal representative. (3) "On consignment" means that no title to, estate in, or right to possession of the work of fine art superior to that of the consignor shall vest in the consignee, notwithstanding the consignee's power or authority to transfer and convey all of the right, title, and interest of the consignor in and to such work of fine art to a third party. (4) "Commission" means the fee, compensation, or percentage of the actual selling price of a work of fine art agreed upon by the artist and art dealer which the art dealer may retain after the sale of the artist's work to a third party. (5) "Creditor" includes, but is not limited to, those persons embraced by the definition of "creditor" in Section 1-201 of the "Uniform Commercial Code", approved July 31, 1961, as amended. (6) "Bona fide purchaser" means a person who in good faith makes a purchase without notice of any outstanding rights of others. (7) "Work of fine art" means: (a) A visual rendition including, but not limited to, a painting, drawing, sculpture, mosaic, videotape, or photograph. (b) A work of calligraphy. (c) A work of graphic art including, but not limited to, an etching, lithograph, serigraph, or offset print. (d) A craft work in materials including, but not limited to, clay, textile, fiber, wood, metal, plastic, or glass. (e) A work in mixed media including, but not limited to, a collage, assemblage, or work consisting of any combination of paragraphs (a) through (d). (Source: P.A. 84-683.)

(815 ILCS 320/2) (from Ch. 121 1/2, par. 1402) Sec. 2. Any custom, practice, or usage of the trade notwithstanding: (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 consignment, unless the delivery is pursuant to an outright sale for which the artist receives or has received full compensation for the work of fine art upon delivery. (2) Such art dealer shall thereafter, with respect to the work of fine art, be deemed the agent of the artist. (3) Such work of fine art is trust property and the art dealer is trustee for the benefit of the artist until the work of fine art is sold to a bona fide purchaser or returned to the artist. (4) The proceeds of the sale of a work of fine art are trust property and the art dealer is trustee for the benefit of the artist until the amount due the artist from the sale is paid in full. Except for customer deposits, these trust funds shall be paid to the artist within 30 days of receipt by the art dealer unless the parties expressly agree otherwise in writing. If the sale of the work of fine art is on installment, the funds from the installment shall first be applied to pay any balance due to the artist on the sale, unless the parties expressly agree in writing that the proceeds on each installment shall be paid according to a percentage established by the consignment agreement. Customer deposits shall be used to pay the amounts due the artist within 30 days after such deposits become part of the payment for the work. Any agreement entered into pursuant to this subsection (4) must be clear and conspicuous. (5) The art dealer shall be strictly liable for the loss of or damage to the work of fine art while it is in the art dealer's possession. The value of the work of fine art is, for purposes of this subsection, the value established in a written agreement between the artist and art dealer prior to the loss or damage or, if no written agreement regarding the value of the work of fine art exists, the fair market value of the work of fine art. Any reimbursement due the artist from the dealer as a result of the loss of or damage to a work of fine art shall not exceed the amount which would have been due to the artist if the work had been sold at the stated purchase price in the agreement. (6) The art dealer shall not be held liable for loss or damage to the work of fine art if the artist fails to remove the work of fine art within a period of 30 days following the date agreed upon for removal of the work of fine art in a written contract between the artist and art dealer or, if no written agreement regarding a removal date exists, 30 days after notice to remove the work of fine art is sent by registered mail to the artist's last known address. (Source: P.A. 84-683.)

(815 ILCS 320/3) (from Ch. 121 1/2, par. 1403) Sec. 3. (1) If a work of fine art is trust property under Section 2 when initially received by the art dealer, it remains trust property notwithstanding the subsequent purchase of the work of fine art by the art dealer directly or indirectly for the art dealer's own account until any balance due to the artist from the sale is paid in full. (2) If the art dealer resells a work of fine art to which subsection (1) applies to a bona fide purchaser before the artist has been paid in full, the work of fine art ceases to be trust property and the proceeds of the resale are trust funds in the hands of the art dealer for the benefit of the artist to the extent necessary to pay any balance due to the artist. The trusteeship of any of the proceeds continues until the fiduciary obligation of the art dealer with respect to the transaction is discharged in full. (Source: P.A. 84-683.)

(815 ILCS 320/4) (from Ch. 121 1/2, par. 1404) Sec. 4. No property which is trust property under Section 2 or Section 3 is subject to the claims, liens or security interests of the creditors of the art dealer. (Source: P.A. 84-683.)

(815 ILCS 320/5) (from Ch. 121 1/2, par. 1405) Sec. 5. (1) An art dealer may accept a work of fine art for commission on consignment from an artist only if prior to or within seven days of acceptance the art dealer enters into a written contract with the artist which shall include but not be limited to the following provisions: (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. (c) The commission the art dealer is to receive if the work of fine art is sold. (d) The minimum price for the sale of the work of fine art, and any discounts ordinarily given by the art dealer in his regular course of business. (2) An art dealer who accepts a work of fine art for commission on consignment from an artist may use or display the work of fine art or a photograph of the work of fine art or permit the use or display of the work of fine art or a photograph of the work of fine art only if notice is given to users or viewers that the work of fine art is the work of the artist. (3) If an art dealer violates this Section 5, the artist may seek relief in a court of competent jurisdiction by having the obligation of the artist voided with respect to that art dealer or to his successors or assigns. (Source: P.A. 84-683.)

(815 ILCS 320/6) (from Ch. 121 1/2, par. 1406) Sec. 6. Any portion of an agreement which waives any provision of this Act is void. (Source: P.A. 84-683.)

(815 ILCS 320/7) (from Ch. 121 1/2, par. 1407) Sec. 7. Any art dealer who violates Section 5 is liable to the artist in an amount equal to: (1) $50; and (2) The actual damages, if any, including the incidental and consequential damages, sustained by the artist by reason of the violation and reasonable attorneys' fees. (Source: P.A. 84-683.)

(815 ILCS 320/8) (from Ch. 121 1/2, par. 1408) Sec. 8. (1) This Act shall not apply to a written contract executed prior to the effective date of this Act, unless either the parties agree by mutual written consent that this chapter shall apply or such contract is extended or renewed after the effective date of this Act. (2) The provisions of this Act shall prevail over any conflicting or inconsistent provisions of the "Uniform Commercial Code", approved July 31, 1961, as amended, affecting the subject matter of this Act. (Source: P.A. 84-683.)