This guide explains the difference between the two financial terms in your Artlogic database. For an overview of all Status and Availabilities click here.
On consignment - Status
'On consignment' is an artwork 'Status'. In Artlogic statuses define whether or not you have the right to sell an artwork. The status 'On consignment' notes that you (the consignee) have the legal right to sell an artwork that has been consigned to you from an artist or a third party (the consignor).
Consigned out - Availability
'Consigned out' means you (the consignor) have lent the artwork to a third party (the consignee). As the label 'Consigned out' is an availability, it is only relevant to the statuses ‘Stock' (eg Stock | Consigned out) and ‘On consignment' (eg On consignment | Consigned out, which is can be relevant to three-way split invoices when a piece with this status and availability is sold).
Consignee and consignor relationship
The consignee receives the artwork and is tasked selling the item. Until the ultimate sale occurs, the consignor continues to retain ownership of the goods.
Eg. It is very common for an artist to have an arrangement with a gallery to sell their paintings. Here, the artist is the consignor and the gallery is the consignee.
What status and availability is required for three-way split invoices?
It is not possible to make a three-way split invoice if any items added to the invoice have the wrong status/availability. Items in three-way split invoices must be 'On consignment -Consigned out'. The system will notify you of any discrepancies. See this guide for more information.