Consignment Tab

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Consignment tab displays a number of fields that can be used to document the agreement between you and an artist whose work you have taken in on consignment.

The Consignment tab in the Products file is for keeping track of any work you have in your shop on consignment from any artist.
The Consignment tab displays a number of fields that can be used to document the agreement between you and an artist whose work you have taken in on consignment.
Consignor: the person who owns, sells ,or sends you the goods (the artist).
Consignee: the person to whom the goods are transferred (you).
Consignment art should be entered into the Products file. You can enter the amount to be paid to the artist in the WHOLESALE field an the price to sell the art into the RETAIL field. It does not calculate from retail to wholesale. Under the Artwork tab, enter the Artist’s name.

There is another tab where it can do that, but the amount is not automatically entered into the fields under the pricing tab.

The Outbound Consignments file is used for a different purpose. It is used for tracking which products have left your physical shop. See also: Outbound Consignment Overview

See also: Outbound Consignments Documents

The Consignment Details Section Explained

Consignor

The name of individual/company whose work you have taken in on consignment; the artist.
This is set in the Pricing tab in the Order this Product from section.

Date of Consignment Field

Type in the date or use the calendar icon to identify when you took the piece in for consignment.

Size Field

Enter the width and height of the art only, e.g. 35 x 42
Do not include the framing in your dimensions.

Condition

From the popup list, select the condition of the art when it entered your care.
Changes made to this list will also affect the Condition field on the Work Order.

(Maximum) Discount Allowable of Art

The percentage amount with which you and the Consignor (artist) agree is the maximum amount of discount that can be applied to the sale of this piece of art.
Any amount above this percentage requires you to call the Consignor (artist) for authorization. (This is your “let me see what I can do” field, to know if a discount is possible or how much can be offered to the purchaser.)

(Maximum) Discount Allowable on Framing

The percentage amount with which you and the Consignor (artist) agree is the maximum amount of discount which may be applied to the framing of this piece.
This pertains to framing owned by the Consignor (artist) which was on the art prior to you receiving it as a consignment. (This is your “let me see what I can do” field, to know if a discount is possible or how much can be offered to the purchaser.)

Print Agreement & Form Button

Displays the Consignee/Consignor agreement plus the form and allows you to print or save as a PDF.

Print Form Only Button

Allows you to print or send a PDF of the form only.

Additional Documents Radio Buttons

Choose Yes if you have the customer’s bio or have filled out a Certificate of Authenticity (COA).
Choose No if you do not have any other documents on file for this piece or this person.

Medium Field

Select from the popup list the type of artwork being consigned, i.e. cards, oil, water-color, giclee.

The Consignment Pricing Section Explained (by Column)

Retail Column Field

The retail price for which this component will be sold.

Discount Column Field

Percentage of discount given at time of sale. Enter after piece is sold; if applicable.
Helpful in identifying which artists or Consignors are able to sell pieces without first having to discount the value.

Subtotal Column Field

Calculated from Retail minus Discount.
Cannot be modified.

Commission Rate Field

Percentage of Retail Price to be paid to the Consignor (artist).
If field is empty, then no amount appears in the Payable field.
The Commission Rate for Art also appears in the Printed Agreement under Loss & Damage, section 2. “The gallery will insure consigned works for __% of the agreed retail price.”
If the item has already been framed, then enter the Commission Rate for Frame as 100% (or enter the percentage the artist will receive when their frame is sold at your gallery).

Upgrade Reimbursement Field

The dollar amount which the Consignor (artist) will receive for the frame they purchased from the Consignee (you) when it sells.
Used when the Consignor (artist) brings in a pre-framed item which does not match the quality or standards of the business. New framing is sold to the Consignor. This allows the Consignee (you) to be reimbursed for money they were required to spend on framing.

Payable Field

The calculated dollar amount to be paid to the Consignor (artist) when the artwork is entered onto an Invoice in FrameReady.
The calculated Commission Rate % of Retail Price or amount entered into Upgrade Reimbursement field (or a combination of both fields).

Update Wholesale Cost Button

Click the Update Wholesale Cost button to copy the value in the Payable field (in the Consignment tab) and automatically paste it into the Wholesale field (found in the Pricing tab).

The Consignment Details Section Explained (by Row)

Art Field

The dollar value of the artwork brought in as a consignment piece.

Frame Field

Represents either the value of the existing frame on the art (when it was brought in) or the frame which was added to the artwork by the Consignee (you).

Glazing, Matting, Mounting & Fitting Fields

The framing components added by the Consignee (you).

Total Retail Field

The amount for which the piece may be sold. This number may be manually transferred to the Retail Item field under the Pricing tab in order for the amount to appear on an invoice.
Note: This field is not automatically transferred to the Retail Item field to allow the gallery to enter a higher listed price and offer the buyer some room for negotiation.

Total Payable Field

The amount paid to the Consignor (artist) when the piece is sold.
Important: This number must be manually transferred to the Pricing tab (Wholesale field) in order for the amount to appear on a Consignment Report for the Consignor (artist).