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artist`s assets

Question 1a: As an artist filing for bankruptcy, can my paintings remain for sale at my representative galleries (with sales forwarded to a Trustee) rather than going to auction for a fraction of the price?

Keeping the paintings (assets) in the gallery setting is important to maintain integrity and expedite sales. Liquidation could be severely detrimental to future saleability, etc.

Question 1b: Is this decision at the sole descretion of the Trustee or do other factors affect this decision?
I noticed in another similar posting regarding an artist`s children`s books, the bankruptcy expert said:
`If your trustee sells them to a liquidator they will go for pennies on the dollar. If they can be sold at retail in a relatively short period of time then your trustee may decide to do that instead. `

PS. I would prefer bankruptcy over a 5-year consumer proposal term.

Posted from: Nova Scotia

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One Response to “artist`s assets”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is ultimately up to the trustee, but the decision is the trustee’s.

Ultimately the trustee will have to follow the same logic as would have been applied in the example of the childrens books. The paintings must be realized on, if they can be sold at gallaries for greater profit then fantastic, if not then liquidation may be the necessary result.

So what you really need to do is to contact a local trustee to discuss how this would progress.