Section 117.25. Records.

 

(1)   General record keeping.

(a) If an art dealer sells any work of multiple art for more than $300, the dealer shall retain records identifying the work, the date of sale, the sale price and the buyer's name and address.

(b) If an art dealer sells any work of multiple art for more than $300 and the dealer purchased the work on or after September 1, 1990, in addition to the records required under par. (a) the dealer shall retain records identifying:

1. The date of purchase from the supplier and the supplier's name and address.

2. The supplier's selling price or the terms of consignment or exchange.

(2)   Record keeping for investment art.

(a) If an art dealer sells any work of investment art, the dealer shall retain all of the following:

1. All the records required under sub. (1) .

2. A copy of the disclosure and warranty statement.

3. All records, including invoices, that disclose the date of purchase from the supplier, the supplier's name and address and the supplier's selling price or the terms of consignment or exchange. If the art dealer purchased the work before September 1, 1990 and does not have the records required under this subdivision, the dealer shall retain a declaration setting forth the same information.

(b) If an art dealer sells any work of investment art and the dealer purchased the work on or after September 1, 1990, in addition to the records required under par. (a) the dealer shall retain a copy of the supplier's declaration.

(3)   Retention periods.

(a)

1. Except as provided in subd. 2. , art dealers shall retain records required under this section for 3 years following the date of sale to a buyer.

2. Art dealers shall retain copies of completed supplier's declarations and disclosure and warranty statements, including statements related to canceled transactions, for 5 years following the date of sale to a buyer.

(b) Suppliers shall retain copies of completed supplier's declarations for 5 years following the date of sale to an art dealer.

History: Cr. Register, August, 1990, No. 416 , eff. 9-1-90.