Application of proceeds of sale of artwork
Seattle Mun. Code ch. 3.14, subch. VI, § 3.14.845
in effect3.14.845 - Application of proceeds of sale of artwork
A. The proceeds from the sale of a purchased artwork, after deducting the expenses of the sale and any percentage share due to the artist, as authorized by subsection D of this section, shall be deposited to the credit of the fund from which the expenditure was originally made to acquire the artwork.
B. Any work of art that is an asset of a revenue bond or voter-approved general obligation bond fund may be replaced by exchange for one or more other works of art or an aggregate equivalent value, and may not be disposed of as surplus or deaccessioned property without being so replaced until after the redemption date for all bonds of the particular bond issue that served as the revenue source for the acquisition of such work of art.
C. The proceeds from the sale of an artwork that had been donated to the City shall be deposited and expended in accord with the donor's direction accompanying the gift, and in the absence of such instructions, to the Municipal Arts Fund for use in acquiring other artworks.
D. The Office of Arts and Culture is authorized to enter into contractual agreements committing the City to provide the creator of an artwork to be acquired for the City's collection, upon such artwork's subsequent deaccessioning and offering for sale, (1) a first right to purchase such artwork, and (2) up to fifteen percent of the net proceeds of such sale if, following the deduction and payment of all sale-related expenses, such net proceeds equal or exceed $200.
(Ord. 124539, § 7, 2014; Ord. 121006 § 7(part), 2002.)
Source: City of Seattle, Seattle Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/wa/seattle/codes/municipal_code?nodeId=TIT3AD_SUBTITLE_IIDEOF_CH3.14EXDE_SUBCHAPTER_VIOFARCU_3.14.845APPRSAARFetched: 11/1/2026