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Change to New York Art Consignment Statute Adds Protections, Risks

Posted by Nicholas O'Donnell on September 27, 2012 at 9:46 AM

New York has passed an amendment to its Arts & Cultural Affairs law, N.Y. Arts & Cult. Aff. Law §12.01(2012), that is important for artist, galleries, and dealers alike. It affects the consignment relationship and creates critical new duties—and liabilities, for the dealer on consignment. Most importantly, it makes using any form of agreement drafted under the old law risky, particularly for the gallery or consignee. Signed by Governor Cuomo this week, the law takes effect November 6, 2012.

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Topics: Legislation, consignment, N.Y. Arts & Cult. Aff. Law §12.01, Governor Cuomo, Arts & Cultural Affairs law, attorneys' fees, Collections, breach of fiduciary duty, Trusts, Salander O'Reilly

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The Art Law Report provides timely updates and commentary on legal issues in the museum and visual arts communities. It is authored by Nicholas M. O'Donnell, partner in our Art & Museum Law Practice.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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