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  1. #1
    ABW Ambassador
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    Unhappy Renowned photographer's downfall
    Annie Leibovitz is as famous as the people she photographs...

    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.

  2. #2
    ABW Founder Haiko de Poel, Jr.'s Avatar
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    Continued Success,

    Haiko
    The secret of success is constancy of purpose ~ Disraeli

  3. #3
    Analytics Dude Kevin's Avatar
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    <sigh>

    I can't even begin to imagine.
    Kevin Webster
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  4. #4
    Full Member snappy's Avatar
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    What is wrong with these people.........its called live with in your means, money=greed=ultimate destruction....no boohoo for her.
    I attract success and abundance into my life because that is who I am.

  5. #5
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    I'm inclined to agree with Snappy... was chatting to a friend about this yesterday. Creative genius or not, we all pay a price if we live beyond our means.

    While I do sympathize with her situation, we're talking millions.

  6. #6
    http and a telephoto
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    That's crazy. And sad.
    Deborah Carney
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  7. #7
    ABW Founder Haiko de Poel, Jr.'s Avatar
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    Just to put things into perspective ... yes we are talking millions, but remember that she earned them with true, honest and hard work as well as being one of the best in her field. It's not like she inherited it and squandered it, she swam with the sharks, and kicked but. I don't know all the specifics but she went to a pawn shop (of sorts) to get a loan .... who at hasn't gotten a loan when they needed money?

    So i guess all I'm saying is that just because someone has millions to loose, it doesn't mean it's ok for it to happen, or that it's easier to prevent, nor that it's happening because of stupidity or frivolity.

    That all said, yes, if it was because of living beyond her means then she'll pay a dear price for the lesson.
    Continued Success,

    Haiko
    The secret of success is constancy of purpose ~ Disraeli

  8. #8
    Analytics Dude Kevin's Avatar
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    Percentage wise (or better said, dollar for dollar) she probably carried the same debt load as most Americans, if not less. To Haiko's point, I find it difficult to criticize her. I've taken bad loans before, and struggled to re-pay them.

    She deserves no more or no less criticism then all your neighbors who have had their houses foreclosed on.
    Kevin Webster
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  9. #9
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    At the end of the day, I do feel for anyone who encounters financial difficulty, high profile or otherwise. But I find it a little tough to sympathize too much - I'm worried about a couple of my friends who have recently lost their jobs.

    It's very tough out there - they have mortgages to pay, and families to support. Thousands, not millions, would come in handy.

    While it's sad to see Annie L lose her work, she will still command a substantial (and deserving) fee for future work.

  10. #10
    Affiliate Manager Jasonn's Avatar
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    Good point, teezone. As painful as I'm sure it is, she will always have her name going for her in the future.
    Jason
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  11. #11
    ABW Ambassador VampireSkunk's Avatar
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    It's very tough. She's also forfeited rights to any work she does in the future.
    However, she has her skill, her experience, her reputation and her camera.
    It's tough, but she can reinvent herself.

  12. #12
    ABW Ambassador MeeMaw's Avatar
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    According to what I have read in various articles she was well known for living beyond her means, and having no clue as to how to manage her finances. She lived for an "image" she wanted to project and didn't care about the costs.

    So while I am sorry she might lose her life's work, you have to pay the price for living beyond your means. Whether you are like most Americans or not, rich or poor. Unfortunately there is a price to pay for an "image".

    I think Michael Jackson is another one that lived well beyond his means in the same manner. They grow accustomed to a certain lifestyle and when things get tough they collapse financially. Seems also like they never have any good financial managers helping any of them out. Everyone wants a piece of the pie and takes their share whether it's there or not.

  13. #13
    SEO: A Specialty - Web Design: Slow or outsourced andbeyond's Avatar
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    If someone is asking you to sign something that signs away all of your “copyrights ... photographic negatives ... contract rights” existing or to be created in the future.

    Run away.

    I tell companies that I do not sign non compete clauses. Of any length. In any state or industry.

    I can't imagine signing away future work for an artist.

    After reading that article I am seriously wondering about her mental or physical health. Not trying to be sarcastic. She has had a rough time lately.

  14. #14
    Full Member snappy's Avatar
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    I have gone to a pawn shop, sold a rolex.....catch the word difference sold it not pawned it. She is a artist not a business woman, and like i said I will not be crying or feeling bad for her
    I attract success and abundance into my life because that is who I am.

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