What is a consignment agreement?

A consignment agreement is a legal document that sets out the relationship between an artist (the “consignor”) and a gallery (the “consignee”) who is offering to sell the artist’s creations. This agreement is used when the artist does not want to sell their art directly, but instead wants the gallery to sell it on their behalf. The consignment agreement sets out the terms of the business relationship, including: how the artwork will be displayed, how the consignee will advertise for the artwork, what prices will be set by the consignee, how long the artwork will be available for sale, how sales will be paid out, and how the artwork will be returned to the artist if it is not sold. In Oklahoma, the consignment agreement must be in writing and signed by both parties in order to be binding, as is the case with all contracts. The agreement must also include certain information and clauses that will protect both the artist and the gallery. For example, the agreement should state the time period covered by the contract, the maximum price for the artwork, and other terms and conditions that the parties have agreed to. The consignment agreement ensures that both parties’ rights and interests are protected should any problems arise. This is especially critical for artists, who can suffer financially if their artwork is not sold or their works are misrepresented.

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What is a consignment agreement?

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