Require galleries segregate artists' sale proceeds, protect them from insolvency

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Require galleries segregate artists' sale proceeds, protect them from insolvency

Petition Details

We urge Parliament to enact legislation requiring UK art galleries to segregate artists' sale proceeds into separate, protected trust accounts. We think this is essential to prevent commingling, ensure funds are not lost in gallery insolvencies, and safeguard artists' livelihoods.

Additional Information

This legislation must mirror laws like New York's, which we feel are a success.

In gallery insolvencies, artists' funds can be lost when commingled with gallery assets, resulting in their treatment as unsecured creditors with no recovery. We believe existing UK remedies are reactive, costly, and ineffective for artists, particularly in the absence of strong contracts. We see this as a systemic issue undermining artists' livelihoods and the British art market's reputation. We think that mandating segregation of the proceeds of sales of artists' work, as we believe has been successfully implemented in New York, is crucial preventative action to secure artists' incomes, foster trust, and ensure market integrity.

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