(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.)
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