Rental fees are based on a sliding scale according to the purchase prices established by Gallery artists. Generally, fees increase by $4 for every $100 of value, with a minimum fee of $40 for pieces valued at $299 and less. Artists receive 50% of rental fees. For pieces valued at $4,000.00 and more, fees increase more rapidly. Artists may obtain a copy of the Gallery’s pricing chart upon invitation to become a member of the Gallery.
Each Gallery artist determines the purchase prices upon which rental fees are based. If an artwork is sold, the artist receives 60% of the purchase price. Upon purchase of a rented work, all rental fees that have been paid to the artist for that work are deducted from the purchase price, up to and including the most current paid rental period. If an artist decides to change an artwork’s purchase price for any reason, the Gallery must be notified in writing.
The Gallery will pay each month’s accumulated rental and sales fees to artists within the first ten days of the following month. This includes the artist’s portion of rental contracts and any purchase contract payments. The Gallery will apply 25% of the purchase contract down payments to the Gallery’s commission due; thereafter, 25% of subsequent payments will be withheld until the commission is paid in full. The remaining balance of payments will be paid to the artist.
A Rental Sales Gallery renter has the first right to purchase a work, over any other prospective purchasers. The Gallery sells artwork on monthly payment purchase contracts, and will apply previous rental payments to the purchaser’s down payment. All renters have the option of paying on this contract basis.
The Rental Sales Gallery insures all accepted artwork, from the time it enters the Gallery until 30 days after return notification to the artist. For this reason, the Gallery requires prompt attention to letters regarding the retrieval of artwork.