In this subtitle the following words have the meanings indicated. “Art dealer” means an individual, partnership, firm, association, or corporation, other than a public auctioneer, that undertakes to sell a work of fine art created by someone else. “Artist” means the creator of a work of fine art. “On consignment” means delivered to an art dealer for the purpose of sale or exhibition, or both, to the public by the art dealer other than at a public auction. “Work of fine art” means an original art work which is: A visual rendition including a painting, drawing, sculpture, mosaic, or photograph; A work of calligraphy; A work of graphic art including an etching, lithograph, offset print, or silk screen; A craft work in materials including clay, textile, fiber, wood, metal, plastic, or glass; or A work in mixed media including a collage or a work consisting of any combination of works included in this subsection.

If an art dealer accepts a work of fine art on a fee, commission, or other compensation basis, on consignment from the artist: The art dealer is, with respect to that work of fine art, the bailee of the artist; The work of fine art is bailment property in which the art dealer has no legal or equitable interest until the work is sold to a bona fide third party; and The proceeds of the sale of the work of fine art are bailment property in which the art dealer has no legal or equitable interest until the amount due the artist from the sale, minus the agreed commission, is paid.

Notwithstanding the subsequent purchase of the work of fine art by the art dealer directly or indirectly for the art dealer’s own account, a work of fine art that is bailment property when initially accepted by the art dealer remains bailment property until the purchase price, minus the agreed upon commission, is paid in full to the artist.

Property that is bailment property under this subtitle is not subject to the claims, liens, or security interests of the creditors of an art dealer.