Register or regret: artists alerted to new ownership law
Artists risk losing work they have consigned to commercial galleries if the galleries go bust, thanks to a new federal government law that few in the art world know about.
The Personal Properties Securities Act, which came into effect on January 30, requires artists to lodge ownership of their consigned work with an electronic register that can be searched by potential buyers. Artists previously relied on consignment notes to prove they owned their work.
Artists should be prepared to either comply with the new law or risk losing any security interest over their work when they give it to galleries for sale or exhibition, says the Arts Law Centre of Australia...