Sir Walter Scott, the great novelist, spent the remaining years of his life struggling and stressing to settle his dues to escape the shame of bankruptcy. The father of Charles Dickens was put to prison for debtors in England because of bankruptcy. But time has changed and an individual, organizations, or businesses can consult a bankruptcy attorney San Diego and other places to seek security from its creditors until they are up and able again.
Preservation of Culture
Cultural centers or institutions and art museums are worth saving and play a major part in helping to preserve and maintain the culture. it also somehow brings together the community. Nonetheless, just like any other organizations, the art community may also encounter financial risks which forces them to result to gallery bankruptcies while museums or art centers put on sale or auction substantial portions or rations of their collections. And for most artists, they find it difficult to part or let go of their cherished art possessions. However, some fall to bankruptcy because of the ill use of the proceeds.
For instance, Salander-O’ Reilley Galleries, operated by Lawrence Salander, was one of the most infamous bankruptcy cases related to art. The gallery was famous to art dealers and collectors and artists as well. It was considered as a chief force in dealing in the creations of Old Masters. But by 2007, the galleria was in the hub of allegations of fraud and unpaid debts, therefore was in bankruptcy proceedings. It also included many occurrences of diverting the profits or income of art works that were sold by the galleria which led to the criminal conviction of Mr. Salander.
Protect yourself from bankruptcy
There are a lot of individuals who are so interested in creative art expressions such as paintings, sculptures, photographs, and the likes that some artists get so thrilled when there are probable sales especially when it is too good to be true.
But always keep in mind to not immediately go into arrangements or contracts with individuals you don’t know or are not familiar with. Be acquainted with the person you are doing business with. Do a background check.
In Marketing: Both Parties Should Deliberate the Contract
When marketing your creations via art dealers or advisors, or galleries, it means that you are handing over your work to them and will be expecting your cut of the sale from them when they are sold. Be assured and make certain that both parties go over and deliberate on the contract or agreement to avoid future loss. If necessary, involve a legal support.