An art dealer may accept a work of fine art, on a fee, commission or other compensation basis, on consignment from a consignor only if, prior to or at the time of acceptance, the art dealer enters into a written contract with the consignor establishing:

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(1) The retail value of the work of fine art;

(2) The time within which the proceeds of the sale are to be paid to the consignor, if the work of fine art is sold;

(3) The minimum price for the sale of the work of fine art; and

(4) The fee, commission or other compensation basis of the art dealer. [1981 c.410 § 5; 1985 c.830 § 4; 2011 c.230 § 3]