A. An art dealer may accept a work of fine art, on a fee, commission or other compensation basis, on consignment from the artist who created the work of fine art only if prior to or at the time of acceptance the art dealer enters into a written contract with the artist establishing:

1. 1. The value of the work of fine art.
2. 2. The time within which the proceeds of the sale are to be paid to the artist, if the work of fine art is sold.
3. 3. The minimum price for the sale of the work of fine art.