I. An art dealer shall not accept a work of art, on a fee, commission, or other compensation basis, on consignment from the artist who created the work of art unless, prior to or at the time of acceptance, the art dealer enters into a written contract with the artist that contains all of the following: (a) The value of the work of art and whether it may be sold; (b) The time within which the proceeds of the sale are to be paid to the artist, if the work of art is sold; (c) The minimum price for the sale of the work of art; (d) The fee or percentage of the sale price that is to be paid to the art dealer for displaying or selling the work of art; (e) An agreed upon date for removal of artwork and date for termination of contract. II. If an art dealer violates this section, a court, at the request of the artist, may void the obligation of the artist to that art dealer or to a person to whom the obligation is transferred, other than a holder in due course.
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