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Say it ain't so! Annie Leibovitz is in dire straits over a loan gone bad with Art Capital Group, having allegedly offered her Greenwich Village townhomes and negatives as collateral!
Some advice for all creative professionals out there, don't ever offer your life's work as collateral, and NEVER your negatives and rights to your own images. Offer something that you can live without. Negatives are a photographer's bread and butter; many successful artists could take a tip from Damien Hirst who is known for carefully manipulating the art market to his advantage through strict control of his own work. He won't even allow a dealer to sell his work. Rumors claim that in this way Hirst has amassed a fortune close to a billion dollars from his artwork. Hopefully Ms. Leibovitz will pull out of this somewhat unscathed, perhaps there will be companies that see this as an opportunity to contract Ms. Leibovitz for more elaborate work, as the article mentions this is what Getty Images jumped on the bandwagon to do. I am looking forward to seeing how this issue pans out for her come the Sept. 8 deadline.
more on Hirst
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