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Post by sleepboy on Aug 2, 2009 7:21:57 GMT -8
I think I heard she sold all the right's to her works, I think even future works a while back. But sounds like maybe she just put her works up for collateral on a loan? Here's an article from the NYTimes.Here's the first part. IF money and fame are the yardsticks, Annie Leibovitz is one of the most successful photographers of all time. She has a seven-figure salary from Vanity Fair and commands tens of thousands of dollars a day from commercial clients like Louis Vuitton. Her latest book, “At Work,” made best-seller lists, and an exhibition of her classic images — Demi Moore naked and pregnant, Mikhail Baryshnikov on the beach — has been touring the world for over two years. So as the news has spread in recent months that Ms. Leibovitz is facing extraordinary financial troubles, with the possibility of losing her Civil War-era town houses in Greenwich Village, a home in upstate New York and the rights to decades of her work, many have formulated the same questions: How is this possible? How could an artist of her standing be in such financial straits? If Annie Leibovitz can’t make it in New York, who can? |
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cgriffin
New Member
too new to be clever
Posts: 32
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Post by cgriffin on Aug 2, 2009 8:16:35 GMT -8
I was really shocked to read of Annie's woes. I've always been a rabid fan of her work. I can only imagine her money laments came from poor financial planning, and perhaps, over-spending. ANYONE, no matter how much dough they make, can misspend or be misguided. I hope fervently she can untangle this mess with as little collateral damage as possible.
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Post by ziggy1 on Aug 2, 2009 11:35:17 GMT -8
It seems pretty simple. She decided to buy a townhouse for $6 million and then spent $12 million remodeling when she didn't have the liquid assets to do so. Banks don't give $12 million mortgages for remodels so she put up the rights to her lifetime work as collateral for a loan.
I love her work but it seems like such a stupid thing to do. You hardly need 20-20 hindsight to know this was a bad idea from the beginning. I hardly think you can blame NYC for someone making an unbelievably bad financial decision.
As an artist, I don't see how she could risk her lifetime body of work for an elaborate material purchase. I could understand if she had done so to pay for medical needs or some other dire emergency but spending $18 million on a home hardly seems like a good reason. I hope she is able to get her work back but if she isn't she really only has herself to blame.
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Post by sleepboy on Aug 5, 2009 9:05:32 GMT -8
It seems pretty simple. She decided to buy a townhouse for $6 million and then spent $12 million remodeling when she didn't have the liquid assets to do so. Banks don't give $12 million mortgages for remodels so she put up the rights to her lifetime work as collateral for a loan. I love her work but it seems like such a stupid thing to do. You hardly need 20-20 hindsight to know this was a bad idea from the beginning. I hardly think you can blame NYC for someone making an unbelievably bad financial decision. As an artist, I don't see how she could risk her lifetime body of work for an elaborate material purchase. I could understand if she had done so to pay for medical needs or some other dire emergency but spending $18 million on a home hardly seems like a good reason. I hope she is able to get her work back but if she isn't she really only has herself to blame. damn, that's some remodeling... but it seemed like such a short term loan though because how could it be due so soon? here's an interesting devlopment. gawker.com/5330069/did-conde-nast-emperor-si-newhouse-help-push-annie-leibovitz-to-the-brink-of-bankruptcy |
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Post by sleepboy on Sept 11, 2009 17:40:35 GMT -8
Art Capital Group just issued this statement:
Art Capital Group and photographer Annie Leibovitz jointly announced today that they have reached an agreement that provides a further restructuring of Ms. Leibovitz’s finances and resolves pending legal matters between them.
The agreement will result in the withdrawal of the suit that Art Capital filed against Ms. Leibovitz on July 29, 2009 and extends the maturity date for the $24 million loan Art Capital provided Ms. Leibovitz, which was originally due on September 8, 2009. Ms. Leibovitz has also purchased from Art Capital its rights to act as exclusive agent in the sale of her real property and copyrights. Ms. Leibovitz will therefore retain control of those assets within the context of the loan agreement which shall prevail until satisfied.
“In these challenging times I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support,” Ms. Leibovitz said. “I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work.”
“We’re gratified to be able to further assist Ms. Leibovitz to achieve financial stability and proud to have been of such value to her at this juncture in her life and career,” said Ian Peck, CEO of Art Capital Group.
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Post by jemappellekat on Sept 19, 2009 1:14:21 GMT -8
I have a hard time feeling sorry for this woman. While I am a fan of her work, but she this (all of it) to herself...
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Post by sleepboy on Mar 9, 2010 15:35:09 GMT -8
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