This guide explains the difference between the two financial terms in your Artlogic database. For an overview of all Status and Availabilities, please view this guide.
Artlogic definitions
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 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 with 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.
Invoices
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.
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