In the wake of the collapse of the Salander-O’Reilly Gallery in 2007, there has been a growing awareness of the vulnerability of artists who consign works to galleries.
What happens if a gallery encounters financial difficulties and uses the proceeds to pay operating expenses and is unable to pay the artist? Or in a worse case scenario, the gallery enters bankruptcy? Would the consigned artworks and sales proceeds become the property of the gallery or the gallery’s bankruptcy estate?
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