ap0
New Member
Posts โข 196
Likes โข 68
August 2020
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Art gallery agreements, your opinion/experience, by ap0 on Jun 5, 2021 1:05:42 GMT 1, Hi! Being new to acquiring artworks through galleries I have a couple of questions about agreements that they may put in place.
I have read that there are two kinds of agreements: right of first refusal and no resale agreements.
To my understanding a right of first refusal means that, if I find a buyer for 10.000$, than the gallery gets priority to buy it for the same amount. But what happens if the artwork goes to auction? Can it even go to auction if a right of first refusal agreement is in place?
Also, do most agreements tend to have a 5 years timeframe or are there cases in which that time can be extended to an unlimited time?
Would be great if you could post about your experience or opninion on the general topic.
Thanks!
Hi! Being new to acquiring artworks through galleries I have a couple of questions about agreements that they may put in place.
I have read that there are two kinds of agreements: right of first refusal and no resale agreements.
To my understanding a right of first refusal means that, if I find a buyer for 10.000$, than the gallery gets priority to buy it for the same amount. But what happens if the artwork goes to auction? Can it even go to auction if a right of first refusal agreement is in place?
Also, do most agreements tend to have a 5 years timeframe or are there cases in which that time can be extended to an unlimited time?
Would be great if you could post about your experience or opninion on the general topic.
Thanks!
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ap0
New Member
Posts โข 196
Likes โข 68
August 2020
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Art gallery agreements, your opinion/experience, by ap0 on Jun 6, 2021 12:09:21 GMT 1, Nobody?
Nobody?
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