Skip to comments.Annie Leibovitz, photographer of stars, faces ruin
Posted on 08/23/2009 9:09:22 AM PDT by OldCorps
Annie Leibovitz is as famous as the people she photographs but now the genius behind the lens is close to financial ruin -- a victim, some say, of her own relentless artistic ambition. Among the qualities making Leibovitz, 59, the most sought after portrait photographer in the world are legendary perfectionism and the pouring of resources into lavish sets. Over the course of her long career, nothing has been too extreme in Leibovitz's pursuit of the perfect picture. She put former action icon and current California Governor Arnold Schwarzenegger on top of a mountain, submerged black actress Whoopi Goldberg in a bath of milk and closed France's Versailles palace to shoot Kirsten Dunst posing as Marie-Antoinette. Circus animals, fire, airplanes -- she was rarely denied a requested prop, however seemingly outrageous.
A debt is due September 8 and if she can't pay up, she could lose her life's work. ACG, which specializes in making loans to owners of high value art works, is unlikely to adopt a soft line. Leibovitz must "comply with the sales agreement she signed authorizing Art Capital to sell the fine art and real estate assets and to pay the invoices that are due," ACG spokesman Montieth Illingworth said in a statement. The over-leveraged photographer not only risks losing her photo archives, which The New York Times estimates could be worth 50 million dollars, but also her house in the trendy Greenwich Village district of Manhattan and a second home outside the city. If she is forced to declare bankruptcy, it will then be up to the courts to decide how to distribute the assets. Banking giant Goldman Sachs entered the fray this week with a claim to own part of Leibovitz's debt. ACG disputes that, but says Goldman Sachs could ...
(Excerpt) Read more at breitbart.com ...
Amazing how the socialists value their own money but not ours.
If her work is worth that much then she should sell it and pay her debts.
Odds she voted for Obama: 79%
I’ve always heard, to be a great artist, one must suffer. So this sounds like it could really help her in the creativity department
Is this a reprint? I swear I read this same article several months ago.
Good for her.
Maybe she can live within her finances like the rest of us.
I have read things she has said before...
So take some more damn pictures and earn some more cash.
I have great difficulty conjuring up empathy for millionaires who cant manage their money.
She’s a leftist lesbian in the art/entertainment business and lives in Greenwich Village in NYC. Odds she voted for Obama are 100%.
Hell, she probably voted for him twice.
not just Jewish (79%) but also a lesbican
her vaguely committed lover Susan Sontag died recently and left her out completely so they say
throw in the fact she also lived in Manhattan
so Jewish, Lesbian and Manhattan dweller and artist...that pretty much means “progressivism” is in yer DNA
news article say she owes 24M
she ain’t broke she is just cash poor if she has 50M in assets
Odds she voted for Obama:
“Odds she voted for Obama: 79%”
No sense of proportion. Check.
No ability to handle money. Check.
No real ability to do anything useful save for letting those with money spend it on her. Check.
Yup, she’s a lib.
I believe she took a photo of herself voting for Obama.
Too bad, so sad. Let the Obamite beg for some stimulus money — maybe The One will help her out.
(the voter Obama voter who eventually concludes “what have we done?...”)
H/t to newbie “past_present”, funny video.
OMG! She may have to move to Greenpoint or Astoria! Perish the thought (and the fact that she will be another pretentious artiste pouring into said neighborhoods).
You should see the great pictures of my kids I took out in the front yard.
Aside from the nitpicking observation that odds are specified as a ratio of favorable to unfavorable outcomes (e.g., "5-8 against"), the probability that she voted for 0bama exceeds 100%.
Excellent graphic! LOL
Don't count on it.
I saw that...pretty funny!
She did those photos of Miley Cyrus, so she may claim to be a victim of right wingers.....
New York artist ping
Is there a version in English?
My daughter's getting married soon. Does she have any references?
You are cold!
She is also that "artist" that did that over the edge (IMHO) of Miley Cyrus.
Oh well, in terms of lower cost housing, and an up and coming place for those liberal on the edge trying to do something edgy like living in a loft of an old factory, she can always look to Detroit....
And they say that zombies don’t exist.
I didn’t know Joan Rivers played guitar? Or is that Nancy Pelosi before her shots?
>>You should see the great pictures of my kids I took out in the front yard.<<
So are mine.
And I don’t over spend my money and whine when my house loses 100,000 in value.
Leibowitz's politics and feminism have hurt her in the long run, it seems; since a good left-brained, hard-nosed male accountant or business manager with a conservative investment strategy could have helped her. It would be tragic to see this life's work strewn about. I hope some NY museum curators are trying to work out a plan; but everybody is strapped these days.
She took pictures of Whoopi Goldberg in a bath of milk.
Is it too late to vote for the white guy?
Yes, but not to late to get a job and work hard . . . which isn’t going to happen to the socialist minded who just want things “changed around.”
Who is the taxidermist?
She pawned it last year to the high end pawn broker Art Capital Group. They will sell it to recoup their loan. So she has lost it all already.
I am somewhat sympathetic to her. Yes, she should have learned how to run a business, or gotten someone that did to be a partner, but I do have sympathy for an artist who built up a lifetime of work and then is losing it. It isn't just jet skis or a BMW that she has lost.
I agree she does very good work.
There should be no problem selling some of her work and getting her money problems solved.
I think you must have transposed your numbers. I’m sure you meant the odds are 97%. The 3% being that perhaps she was not feeling well that day and didn’t make to the polls.
The original article was when she took out the loan, using her portfolio as collateral. This article is about the loan coming due, and losing her collateral.
BTW, the stuff about her financial problems being due to her professionalism and extravagant sets is all hype. The people commissioning the shots pay for that, or should have. She had several homes, none in the low rent district, and lived a pretty extravagant life for a photographer. There’s not THAT much money in the business. She was also part of the Arts and Sausages crowd and commanded top dollar for her trade.
I suspect that her lesbian lover, Susan Sontag, probably handled the finances. Sontag died in 2005, so four years is about long enough for the financial train wreck to hit.
Combine that with the current recession, where magazines are no longer willing to pay five figures for a cover, and you’ve got a recipe for disaster.
Her pics are only worth what someone will pay for them. I seriously doubt in the current recession that anyone would buy them at less than a fire sale price, particularly since they know she’s in financial straits.
Maybe a Spielberg would bail her out, but she’d still lose control of the photos.
I always thought she was overrated. She wasn’t Cecil Beaton!
Well she can get some of her rich friends to put her up.