Annie Leibovitz borrows $15.5 million from a company called Art Capital Group and used her negatives as collateral (among other things).
via NYTimes.com.
A Photo Editor
Former Photography Director Rob Haggart
Annie Leibovitz borrows $15.5 million from a company called Art Capital Group and used her negatives as collateral (among other things).
via NYTimes.com.
Comments 11
Holy $h*t
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Posted 24 Feb 2009 at 9:51 am ¶I find this interesting. However, it might have been very prudent financial move, if she did her total math of current loans at old percentage rates. If you borrow at the current low rates/percentages for a total lump sum, pay off everything, I suspect her monthly bill totals probably dropped dramatically. Knowing she will be able to pay off the total borrowed sum over a matter of years, it seems like a great strategy. Market returns to normal in ten years, she sells a property pays off a chunk etc.
Sometimes it is not necessarily a matter of financial woes, but smart re working of your finances, and taking advantage of the current lower percentages. The collateral that is most valuable? Her negatives.
Interesting…..
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Damon Vrettos Reply:
February 24th, 2009 at 12:57 pm
@Debra Frieden,
I would agree with you completely, if it weren’t for a couple exceptions. First, the two law suits against her last year from her vendors concerning non payment, and second, if you scroll down that NY Times article, you’ll get to the part where it is stated that Annie pawned the negatives of her existing work…and the rights to FUTURE work. Yikes. Signing away rights to work you haven’t even gotten yet? That sounds to me like more than reworking finances.
I also find the negatives as collateral quite interesting. Do you think her digital only images fetch less?
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If the economy keeps going in a downward direction, she will lose the farm because she ultimately needs work to pay the debt off. The pawn shop Art Capital seems like a last ditch effort since banks aren’t taking chances with small business or big. This suck for her -though she says she is doing fine.. i beg to differ. Where’s that global American Express job when you need it.
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Debra Frieden Reply:
February 24th, 2009 at 11:12 am
@bobscott, A prominent Atlanta gallery owner came and talked with the Atlanta Photography Group about the financial forecast with regards to photographic art buying/selling and current economic state for our particular art form. She shared a report from a University business school. They had recently released projections for the economy to start turning third quarter of this year. I think we are all ready for a turn for the better….I hope they are right.
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bob scott Reply:
February 24th, 2009 at 12:59 pm
@Debra Frieden, I hope so for everyone’s businesses, including Annie’s.
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Rosco Reply:
February 24th, 2009 at 4:15 pm
@Debra Frieden, the thing about the upturn in the economy is that it won’t be spike in graph but rather a long, slow climb to normalcy.
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Thanks Rob. I thought I was alone. I’m putting the Titian up for sale to pay for loan I took out for the new digital Hassleblad… Please contact me if interested.
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anonymous Reply:
February 25th, 2009 at 1:58 pm
@J.M. Giordano, I’d be tempted if I hadn’t just splurged on the YSL auction ;)
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Seems this has been going on for some time:
http://www.pdnonline.com/pdn/content_display/esearch/e3i967fdb11c5e1e826554ae5d4328fb77c
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Posted 24 Feb 2009 at 1:20 pm ¶After seeing her latest Obama PJ work in VF she might want to think about sticking to artistic personality rather than continuing as a photographer.
http://www.vanityfair.com/magazine/2009/03/on-the-cover200903
One can only handle so much compositing (Queen Mum work) and poor use of available light. Go back to film Annie.
Pack it in.
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vicki Reply:
February 25th, 2009 at 10:49 am
@matt,
I couldn’t agree more. I thought it was just my copy of the magazine with its washed out colors and blown out whites in that Hollywood story! Do people really think this looks good? In my opinion, her work has really suffered since she began shooting digitally. There is no comparison to the richness you get with film. I think it’s time to get back to basics.
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Rosco Reply:
February 25th, 2009 at 2:30 pm
@vicki, it depends on the retouching. Some of her digital stuff looks great, but looks, well, like retouched digital. The show at the Brooklyn Museum in support of her last photo book really confirmed, for me anayway, that film is still king.
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I can see it now “Debtor’s Art and Commerce”.
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Posted 25 Feb 2009 at 6:40 am ¶Until we sit down with Annie and have an open discussion about her finances, we know nothing.
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Debra Weiss Reply:
February 25th, 2009 at 2:23 pm
@Bruce DeBoer,
You are absolutely correct. And even if we did know, it is none of our business.
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red Reply:
February 25th, 2009 at 2:46 pm
@Debra Weiss, and who really flippen cares??????
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scott Rex Ely Reply:
February 25th, 2009 at 4:51 pm
@red, Id do. I wish the best for her. However, this is really fascinating. Think about it if she fails. Would that mean that the group she has signed her future licensing rights away to be her sales rep? Wouldn’t it be kinda of sticky going into a contract with basically a third party ultimately managing the usage? Wouldn’t she technically be doing work for hire for Art Capital and they would be able to negotiate for her without her input? Is that the business they are in? Isn’t this going to be a little compromising? Couldn’t a major advertiser come to Art Capital and say we want Annie knowing that she would probably have to take the job and be able to negotiate a lower price? Again I hope she stays on the positive side of this deal, but this is really fascinating.
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red Reply:
February 25th, 2009 at 5:16 pm
@scott Rex Ely, yes, but it is her business and NOT ours. She is a smart person and we have better things to do than worry about the demise of a wonderful photographer. Frankly, I think some people want to see her suffer and that is really what people should be scared about.
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scott Rex Ely Reply:
February 25th, 2009 at 7:36 pm
@red, the declarative statements I made were about my hope for her prevailing. The rest were questions. I’m curious how the mechanics of the flip side of the deal could actually play out. My interest is related to the business aspects of this and not in lewd examples of Freudenschade.
Someone at the NY Times thought it should be the public’s business, did they not? Big people big problems.
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All this about AL paying late/not paying vendors has been going on for well over a year.
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Posted 25 Feb 2009 at 2:54 pm ¶It has been going on for years, so why do people acted surprised when she pays them late? How about this idea. Don’t do business with her. I know one rental house that refused do business with her because her demands were extreme. Sometimes the money isn’t worth the headache and frustration.
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Donnar Party Reply:
February 27th, 2009 at 4:27 pm
@The Photo Rebellion, Several labs and printers have fired her as a client. She has meetings with the managers running her jobs which end in screaming matches. There are too many well mannered clients out there to put up with AL.
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Is that why she’s ony half finishing jobs?
http://photoshopdisasters.blogspot.com/2009/02/vanity-fair-sleeve-it-out.html
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Posted 28 Feb 2009 at 5:15 am ¶Post a Comment