Sunday, September 06, 2009

Bankrupting Annie

Debts closing in on photographer Annie Leibovitz

Now Leibovitz risks losing the copyright to the images — and her entire life's work — if she doesn't pay back a $24 million loan by Tuesday. Art Capital Group, a New York company that issues short-term loans against fine and decorative arts and real estate, sued her in late July for breach of contract.

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It kind of sickens me to read that Annie could lose the copyright to her entire life's work. I would think those copyrights would mean so much more to her than the money. She's someone who would be able to earn a lot of it back if she loses it all.

Still, this article is a good reminder that just because you're wealthy, doesn't mean you're financially savvy or make good decisions with your money.

Though I don't want to assume that Annie is going through this because she is a creative person and creative people aren't good with money, because some are. Just because you're creative doesn't mean you're a dumb arse when it comes to finance. She might have just made some bad decisions. It happens.

Of course, her debts are on a much greater scale, but maybe to her, buying three townhouses are like me buying three expensive cardigans. Who knows. I'm just sad about the possibility of someone taking away her copyright. I didn't know they could do that.

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2 comments:

January said...

I hope someone comes in and writes her a big check before Tuesday. It is sad thinking that Annie could lose her life's work. But, maybe she's OK with letting go.

Jessie Carty said...

the fact that your life's work has such a high monetary number just blows my mind. i think i'll look for some more articles to see what is going on here!

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