Wisconsin Administrative Code
Department of Agriculture, Trade and Consumer Protection
ATCP 90-139 - Trade and Consumer Protection
Chapter ATCP 117 - Art prints and multiple art; sales practices
Section ATCP 117.25 - Records
Universal Citation: WI Admin Code ยง ATCP 117.25
Current through August 26, 2024
(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.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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