Annie Leibovitz’s $24 Million Loan

Art Capital Group has sued the famous photographer Annie Leibovitz over a sales agreement and a 24 million dollar loan. The portrait photographer needed the funds for “tax liens, mortgages and unpaid bills.”

She first approached Art Capital in June 2008 and secured a loan in September, the company said, and drew down $5 million of a $22 million credit line. In December, Art Capital agreed to extend the line to $24 million and advanced her another $18.9 million, it said.
Leibovitz must repay the $24 million, plus unpaid interest and other fees, by Sept. 8. Without sales of collateral, Art Capital believes “Leibovitz will be unable to satisfy their obligations on the maturity date — a point that was discussed and acknowledged by the parties at the outset of the restructuring,” the company said.
Bloomberg

I’m impressed that any artist could get a loan for $24 million! Sure, she may not be able to pay it back and may lose her catalog of photographs and properties, but it’s an interesting story to tell the grand kids. Here’s some Annie Leibovitz photos on Google Images.

About Dion

Australian artist and observer of things.. all kinds of things. I like a wide variety of art, from the weird and wonderful to the bold and beautiful.. and everything in between.

Comments

  1. Considering she isn’t even an artist, but an overrated hack photographer, I think both parties to this agreement must be insane. Sounds like a good case for a pair of legal sharks.

  2. Yeah, photographers are very different creatures to painters or sculptors. Their brains are more mechanical than organic.

    To need $24 million to pay the mortgage and the bills is still pretty impressive though.

    Im struggling to get a $400k loan. Maybe I should have used my 200+ useless paintings as security..lol

  3. I resemble that remark

  4. It DOES seem like a dumb agreement. My guess is that Leibovitz and the loan shark of a lender will come out of this just fine. Leibovitz with her photos, the lender with the loan repaid plus interest.

    Saying Leibovitz isn’t even an artist only displays an ignorance of art. Coxsoft Art may not like her photography but to deny it’s art is absurd.

  5. You mean the photographer remark Donald?

  6. Larry Lourcey says:

    You can certainly argue that she is a bad business person and maybe even overrated… but a “hack photographer” is kind of a stretch, isn’t it?

  7. Fraid so. I am rather mecahnical, or so some say, though not my wife. Been years since I took any photos, gave up and switched to painting at 23, the form does have its limits, even with photoshop, which I use everyday, but thats better at graphic design, which my wife does so very well.

    All the other stuff is just gimics, which is all art has lived on for fifty years since Warhols screen prints anyway. Far more limting than painting, but at least one can claim to be upto date, and all that other trendy nosnesne. Purpose is everything, all the bells and whistles in the world can make a race car out of a clunker.

    Which the Congress is trying to buy up these days, taking all teh old Ford explorers and Chrysler Cherokess off the road. Screws us smart folks who bought reasonable cars, I had a small SUV, a GMC Jimmy that did me great while I needed it, and got 20 mph hauling the kids basketball team around, my Camry now gets almost 30. Where’s my money?

    As far as Leibowitz, she was an excellent professional photographer, an applied art form, and does very nice portraits, but hardly deep or emotional, all surface. Hardly a Karsh or Kertesz. It s magazine stuff, and very skilled, though as she has a small army paid for by the rag it had better be.I t aint crap, but it aint creative art either. As long as it is appreciated for what it truly it, its cool. But to say she is a great artist is rather naive and silly.

    Strand, the Westons, even Ansel Adams were great artist photographers, she was a great professional one. Not the same thing, as Weston threw all his old stuff out after making a nice professional career in LA, to go of and become a true creative artist. Purpose is all. Leibowitzs is about individuals and fame, not humanities growth and purpose.

    We have goten rather distracted from truth, now havent we? Those who profit from it love it, those who are stuck in the stagnation of their marketing campaigns are just starting to see the lie. As always.

    art collegia delenda est

  8. The painting side must save you Donald.

    The photographers I know are very different to the painters.

    You might be some kind of hybrid painter/photographer.

  9. They tend to be gadget guys. Which I find absurd, as I did the full zone system thing, but intuitively. Learn the basics, and its all fairly simple, just got to learn how to SEE. Measure the light, and the amount being reflected in both whites and blacks, then one can expose and develop the film accordingly.

    Of course its now all digital, and I havent a clue how to use them, and dont care. Far easier now, but with even more limited vision. All caught up in “ideas” as badly as painters and other artistes. And executed badly. Which like rock and roll, thsoe who have no skill think seeing or hearing faults is the sign of emotion, when it is truly the sign of stupidity and vacuity. If one cares about ones craft to develop the means of communication, a visual langauge, one learns all one can and pushes it. It called caring, and passion, things lacking in Contempt art.

    I dont really see the difference between the two, except in the gadgets, but then, you got absolutely no paintings at the Venice Biennale, something I am trying to put an end to in two years for the Vatican. All “concepts” by a myriad of stupid means. Real shallow and self absorbed stuff. No matter how it is made.

    Nah, i am weird by any of their definitions, and rejoice as I call a spade a spade, or in this case, a fool a fool. Self delusion is the most human of traits, a very irritating one at that.

    No, that comes from the worker, historian, music lover, and father in me. Dont have time for foolishness. Cut to the chase, and stop making excuses. That not either of those types. You seem rather ballanced for such a creature, but then, you have ahd a life outside of the art world, always a good thing. Reality is kinda the point.

    I will have to send you an intenery of places or visit here, with your special requests as well. but the Norton Simon is an excellent place, the watts towers before they fall down. How much time is what depends. Its all very spread out here.

  10. Donald, Im waiting until the 20th of this month when I get my taxes done to see what Im doing. I have paid for my flight, which is non-refundable, but I’m concerned about what I will owe the taxman. I might have to postpone the usa trip for a couple months, which would be fine anyway as I could stay longer in each place.

  11. Frazell:

    “art collegia delenda est”

    Amen to that.

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