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

1. (1) The retail value of the work of fine art;
2. (2) The time within which the proceeds of the sale are to be paid to the consignor, if the work of fine art is sold;
3. (3) The minimum price for the sale of the work of fine art; and
4. (4) The fee, commission or other compensation basis of the art dealer.

[1981 c.410 §5; 1985 c.830 §4; 2011 c.230 §3]