Consignment Agreement

Category: legal

A legal contract wherein an artist or collector authorizes a gallery to sell an artwork on their behalf in exchange for a commission.

In a consignment model, the gallery does not "buy" the art; they act as the agent. The agreement dictates the "net" amount the artist/owner receives, the gallery’s percentage (typically 40-50%), and the insurance responsibility during the time the work resides in the gallery space.

Common Examples

• The artist signed a consignment agreement stipulating that the gallery retains forty percent of the total final hammer price.
• Always ensure your consignment agreement clearly outlines which party is liable for shipping and insurance costs during the exhibition window.