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Consignment / Memo


#1

I have a form I use when I memo work to a gallery and I follow the
same principles when I take memo work into my own gallery. After
being on the wholesale side of the deal for many years, when I
opened a gallery I decided that the day I sell a piece I would print
a check that day to the artist, so I am not playing with their
money. I hold the check for two weeks to make sure the piece is not
returned and then send it to the artist. It seems a fair and
equitable way to work with people whose work I love. I personally
hate it when I send memo to a store and they sell a piece and then
want net 30 to pay me. They sold the piece. They have received the
full amount of money for it. I want my fair share and in a timely
manner.

If anyone has any questions about consignment or memo, you can call
me at 207.772.5252 or email me at richeydes@aol.com. Marlene Richey
@ William Richey Designs.

Below is my form:

MEMORANDUM

SENT ON: September 3, 2002

RETURN BY: September 10, 2002

TO WHOM:

TO THE ADDRESSEE:

The property as listed below is delivered to you at your risk from
all hazards and received by you for examination and inspection only
and is to be returned on demand. From the time the property is
received by you until it is actually re-delivered to and received by
ARTIST at its premises, you bear the risk of loss or damage which
may occur, whether caused by you or not, and whether occurring
through your negligence or not. Your acceptance of the property
described herein constitutes your agreement to be bound by the terms
and conditions of this memorandum, whether signed by you or not.
Title remains with ARTIST and before any title can pass, or before
any sale or agreement to sell can take place, the item or items
selected by you must be approved by ARTIST and a bill of sale rendered

for such item or items.


#2

Hi Marlene, Your consignment statement is excellent except for one
thing: You don’t state what compensation you expect if an item is
lost or damaged. Do you expect to be paid the full wholesale price, a
percentage of wholesal e or something else? (Conversely, as a gallery
owner, what compensation do you expect to pay?)

The statement I use is not as comprehensive (and I may revise it,
having read yours), but it does cover this point:

“The above-listed items shall remain the property of the Designer
until she receives payment for the sale of same and shall not be
subject to levy or execution by judicial process against the Account.
These items will be covered by AccountB9s insurance against fire and
theft and, if not sold, wil l be returned to Designer in same
condition they were received or else full wholesale price will be
paid to Designer.”

I adapted this statement from something I read many years ago (wish
I could remember and credit the source).

Beth