Annie Leibovitz is in a lot of debt.
The Art Capital loan effectively consolidated all of Leibovitz’s major outstanding obligations, including her mortgages. The interest rate is unknown, but the term is just one year. That means Leibovitz has to come up with $24 million, plus interest, by this September. Under the terms of the agreement, says a person familiar with the loan, Art Capital could be entitled to up to 22.5 percent of all the proceeds from the sale of any of Leibovitz’s work—even for two years after she’s paid off the loan. And that percentage could increase to close to 50 percent if she were to default. Potentially, Art Capital may be entitled to her homes and even her catalogue of past and future copyrights. “They got everything,” veteran New York real-estate attorney Howard Brickner says, shaking his head as he wades through the public records associated with the loan.
Her purported debt is exponentially more massive than any debts I’ve incurred through NYU, but this article makes me appreciate what my professors taught me about financing and keeping the books, as a photographer, in the black. Even as one of the most well-known photographers in this era, she’s made some bad decisions and has become broke. For now, I’m appreciating the little money I have in my bank accounts — I have very little to my name, but it also means I don’t owe much besides my student loans.
Via @mlproject.
Annie Leibovitz — money and photography
Annie Leibovitz is in a lot of debt.
Her purported debt is exponentially more massive than any debts I’ve incurred through NYU, but this article makes me appreciate what my professors taught me about financing and keeping the books, as a photographer, in the black. Even as one of the most well-known photographers in this era, she’s made some bad decisions and has become broke. For now, I’m appreciating the little money I have in my bank accounts — I have very little to my name, but it also means I don’t owe much besides my student loans.
Via @mlproject.