Terms Used In Washington Code > Chapter 18.110 - Art dealers -- Artists

• Art dealer: means a person, partnership, firm, association, or corporation, other than a public auctioneer, which undertakes to sell a work of fine art created by another. See Washington Code 18.110.010
• Artist: means the creator of a work of fine art. See Washington Code 18.110.010
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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. See Washington Code 18.110.010
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
• Trustee: A person or institution holding and administering property in trust.
• Work of fine art: means an original art work which is: