there is quite a bit out there on this
seems our nemesis here on FR... Getty Images (asshats) ruined her deal she had to pull a rabbit out of the hat with Art Capital Group
libs are all about money aren't they when it's their’s
Avedon and Scavullo’s works go for as high as 100K per original but the market is down with the times no doubt
i would expect her to auction
or....leverage her assets
if she can get 50M appraisal and borrow 24M to pay off creditors (less if they agree and they will likely) then she is at 48% Loan To Value which is not too shabby in the real world and I bet she can cash flow 150,000 a month to service that through covered sales and auctions and new work and pledging her hard assets in case of her death...that is based on a 20 year am which could be called in 5 and then refinanced and in the meantime she could sell some stuff orderly
were I her counselor that would be the deal I would look for...anyhow
this is sorta what I do but not with art but with car washes and self storage and small office buildings
i pinged several folks familiar with deals
didn't David Bowie sorta do this with a bond issue?
Thank you for including the ONE person on your ping who knows squat about selling art. lol
“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 article said her assets are worth 50M, but would they appraise at that amount now?
I like your idea of an auction. However, how many who would be sympathetic think they can afford her now? Too, the debt is due on Sept. 8. Not much time.
“libs are all about money aren’t they when it’s their’s”
Dang straight!
Goldman-Sachs is in the fray.
Frankly, I’d take my chances with the bankruptcy judges. Perhaps hers would be a fan.
“if she can get 50M appraisal and borrow 24M to pay off creditors (less if they agree and they will likely) then she is at 48% Loan To Value which is not too shabby in the real world and I bet she can cash flow 150,000 a month to service that through covered sales and auctions and new work and pledging her hard assets in case of her death...that is based on a 20 year am which could be called in 5 and then refinanced and in the meantime she could sell some stuff orderly”
That would fly. Call her up, set it up, and grab a heathy fee!