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Annie Leibovitz Faces Financial Ruin

Annie Leibovitz Faces Financial Ruin

U.S. photographer Annie Leibovitz attends the inauguration of her exhibition 'A Photographer's Life 1990-2005' in Madrid June 18, 2009. [AP]

St. Louis Post-Dispatch via YellowBrix

August 24, 2009

NEW YORK — 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.

That kind of imagination, and the stylized, hyper-realistic portraits she produced, had a long line of celebrities, from Hollywood stars to Britain’s Queen Elizabeth II, beating a path to Leibovitz’s door.

Yet behind a facade of unlimited financial means, Leibovitz was spending her way into nightmare.

In what now appears as a disastrous decision to raise funds, Leibovitz took a 24-million-dollar loan from Art Capital Group (ACG) — in effect a high-end pawn broker — in December 2008 using her own photographs as collateral.

That 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.


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  • Redistribute_061_max50

    AppliedScience

    about 1 month ago

    24 comments

    She is just human. Being a very talented artist does not put one above the laws of cause and effect. For all we know, those who don't know her personally, poverty could help her lead a spiritually lavish life.

  • Ecoman_max50

    Californicator

    2 months ago

    18 comments

    She should be allowed to renegotiate her terms so that she can lease the pictures but regain some portion of ownership. The point that she could lose all of her life's work, just to pay back a debt is ridiculous! In this age when any company with a complaint or a lobbyist gets what they want, come on! Annie Leibovitz is an American Pioneer in the work of photography, an Ansel Adams! Don't tell me that her work is only worth so much, yeah by appraisers that worked for Madoff. Her work is being undervalued so that profiteers can swoop in, just like Michael Jackson!

  • Tinkerbell_ani_max50

    Sogomo

    2 months ago

    14 comments

    She needs to sleep in the bed she made!

  • Photo_user_blank_big

    2bartist

    2 months ago

    134 comments

    Marcopolo

    I agree with most of what you said. There is nothing wrong with voicing your opinion but I'm not sure Leibovitz financial failures are necessarily a result of not glorifying God. What little I have read about her lifestyle, she probably doesn't know anything of God. Most of what is wrong with society today is because we don't put God first in our lives. Jesus will judge all of us at the end of our life on this earth. Those (notinterested22) who choose not to believe and those who think hell would be better know nothing of hell or heaven. Sorry, I had to voice my opinion on that.

  • Photo_user_blank_big

    Marcopolo

    3 months ago

    8 comments

    I think Annie has a place in photographic history, but glorifying people, the beautiful Hollywood people, who live lives filled with excess...in the end, as catchy as the photographs have been, I think her talent could have been put to better use. Her photographs despite her creativity, all are about the self-glorification of the rich and famous who live privileged lives. I have liked some of her photographs, but it does seem filled with formula. A True Artist recognizes where all true art comes from...God. God created the Heavens and the Earth. Much art, including photography today has become perverted. If you look back to The Italian Renaissance, we have not had that level of artistry in this world quite like that for hundreds of years. Why is that? Few artists today give glory to God, like the artists of the renaissance have done. As a result, their work showed their connection to their maker, God. Ignorance and self glorification with artistry is shallow and lacking depth. Look at The Sistine Chapel. It all glorifies God. Who today in the art world is giving God his respect and honor, for their talent. Very few and it is not something that the masses embrace. When I see article after article in the photo publications of Annie and her mastery of the medium and her life's work...not to downplay her contribution to photography...but it is so unbalanced on how she seems to be the only photographer we see again and again in the articles. Why can't we give other up and coming artists a chance for exposure? Sorry, I don't feel sorry for excessive living without responsibility. I'm sure someone in the famous celebrity circle will come to her rescue. What about those who are less fortunate, who are gifted artists, who have fallen on hard times? Share your editorial space for other people who are trying to have a genuine voice with photography. We get enough of Hollywood from the tabloids. How about some real life coverage of real people. Let's make art with photography and make it about life that points to our Creator, God...and our perfecter of faith to those who believe, Jesus Christ. Michelangelo was passionate about his art, and look what he accomplished by glorifying God...a body of work that is unparalled throughout the world. There is a connection to the depth of what he created. God blessed him with talent to that degree because he depicted art that illustrated the beauty and magnifiicience of the one and only True God. When we celebrate artists who help in the self-glorification of other artists...the depth of life's real meaning is truly missing. I feel this was a trait of Leibovitz's work instead of using her talent to point her talent in someway back to God, like Michelangelo did. What I think is inaccurate is the level of her artistry. People need to take a look at history and the The Italian Rennaissance. Study the depth and mastery of the art created back then. The photographers of today are all copying each other. Nothing is unique. No one is unique.
    The ignorance of where all art comes from, or shallowness of art is largely due to the absence of The Almighty God. Good luck Annie! Maybe use your talent away from Hollywood and stop glamourizing the rich and famous. Find vision in real people, like Mary Ellen Mark. God gave you a gift. Instead of glorifying others who are privileged, pray that God will show you what great new frontier you can find with your camera and vision that will give glory back to God, our creator...where all true art comes from.

  • Jolcia_max50

    Jola

    3 months ago

    19282 comments

    She is great artist,but crazy!!

  • 110808_dir_en_grey_concert_max50

    zchallback

    3 months ago

    4 comments

    perhaps she should just rename herself as a financial institution and then the government would be obligated to bail her out like they did all the other banks. otherwise, think of how many people would lose their jobs. right? XP

  • Photo_user_blank_big

    a_justice

    3 months ago

    8 comments

    A good story for student photographers - an outstanding warning. I love her work, in fact one day I would love to take photos for Rolling Stone, Vanity Fair, etc. Photographic equipment rivals any other art medium in cost. Strobes, reflectors, computers, digital camera backs, assistants. A photo shoot is a mini town at times - she borrowed to pay for equipment, PAY people for their work as lighting techs, makeup and hair stylists, wardrobe, catering, location scouts, digital assistants, so that 24 million in debt was not all spent on herself. It is unfortunate that she is in a financial crisis. It is doubly so, that an artist/photographer could lose control of their work to the highest bidder. It is unfortunate that the NEA no longer supports individual artists. Japan has its "Living Treasures" - a sort of retirement fund for artists, artists in the US can't "retire".
    She did what she needed to get the work, publications and clients expect this stuff now. The bigger the better. No one wants to see a beautifully lit pair of shoes resting on a mirror, or a movie star sitting wearing a simple fur stole on a boudior chair in a plain white setting. Now they want props, lots of props, BIG expensive props, like jets, cars, they want ring flash lighting, they want a ton of digital processing and don't want to pay (at least upfront) for ANY of it. Photographers are often forced to borrow on credit to RENT equipment and such. The article is not completely factual, I didn't see any other photographers quoted, and so she bought a house in Paris, gee, how many homes and lavish items do the "models" she's photographed own? We will pay more money to the super skinny, none too bright human clothes hanger millions, but the photographer that works so hard to make her look healthy, beautiful gets paid a fraction?!?!

  • D_avidtar_max50

    macden

    3 months ago

    16 comments

    I have lost my house (my ONLY home, not one of several) it's gone, and I'll never get that dream back. When did any one care for me or the rest of my family of six? No one cared, except for my "friends" and "family" who were more than willing to take ownership of some of my possessions since I had nowhere to keep them, and my sister, who gave me a "decorative" ceramic chamber pot for Christmas that year so I'd at least have a pot to piss in when I lost the house. The same sister who dropped me off at the homeless shelter with my wife and four kids and went back to her four bedroom house she lived in by herself. So when I read this story of the poor filthy rich artist it fills me with disgust, not sympathy. I struggle every single day to make a living with my art, let alone get rich from it. She had it, and she blew it. Excuse me if I don't join the pity party.

  • Photo_user_blank_big

    NWetjen

    3 months ago

    2 comments

    She's a great artist. But - an idiot with money and I agree that she should sleep in the bed she's made.

  • Photo_user_blank_big

    art4art

    3 months ago

    30 comments

    It's sad to know that a person of talent can lose their life's work over the financing of a life... Perhaps we can all learn a lesson in that no matter who we are, or what great art we can produce... we still have to pay for our indulgences... Perhaps she could reach an understanding with her creditors, and only sell part of her collection, keep her homes, and come out of it sadder but wiser... let's hope for the best for her.

  • Fuchur_max50

    PatsyC

    3 months ago

    1814 comments

    Annie did it for her art, she gave it all for her art. I as an artist I applaud her. How many of us can say that. I myself worked for years knowing I wanted to produce art not create ic'c or be assistant to the engineers, I didn't have the guts.

    P.S. I don't understand why there are some so called "artists' discussing god or the lack of existence of. Whether I believe in god or not it is not anyone's bussiness much less to tell me I am going to hell because with so called "Christians" like that guess where I prefer to go?

  • Photo_user_blank_big

    notinterested22

    3 months ago

    4 comments

    dear truelartlover
    u are terribly confused. and ur belief system is totally f*****. God is dead and has been for years. try reading something besides that mythical poetry and human jumbled up mess u usually read to bolster you lack of intelligence and confidence in yourself. idiot!

  • Photo_user_blank_big

    notinterested22

    3 months ago

    4 comments

    Ha ha ha ha. who the f*** cares? what a meaningless article on a meaningless "artist"

  • Library_-_0089_max50

    intuitivecat

    3 months ago

    18 comments

    simple statement - NO ONE should be free from responsibility for what they spend. period. if one person is, all should be. considering how many starving struggling creative folks there are out there that work crappy jobs just to feed themselves, i would say that this whole situation with Annie is rather crass. she should not be free from financial obligation because she is an artist or has a well known name. this simply serves to show that being well known or famous does not make one responsible.

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