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.
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