Photographer Leibovitz could lose portfolio due to debt

[TotallyOz]

One of my favorite photographers could end up loosing the rights to her amazing collection if debts are not paid soon. This would be a true shame if this were to happen.

If you have never seen the film about her last year, buy it or rent it. It is amazing. I hope this is settled up and she retains her rights to her collections.

http://edition.cnn.com/2009/US/09/08/leibo...debt/index.html

[caeron]

I don't have a lot of sympathy for people who are rich who still can't manage to live within their means. Hire a fucking accountant and listen to their advice. I work for my money, and I don't get to borrow $24 million and not repay it.

Her work is iconic though, and it would be a shame if she loses artistic control over it.

[BiBottomBoy]

Caeron,

To be fair she apparently started getting into this situation when her partner, the great Susan Sontag became ill several years ago. Sontag didn't have insurance and since our country won't let lesbians marry, Annie's insurance from Vanity Fair wouldn't cover it, so Annie paid out of her own pocket for months and months and months of hospital treatments.

Then, after that was done, she got talked into buying real estate by her accountant which has since lost it's value and the banks are calling in the mortgages she had on them. She tried to get out of it with this weird loan, but that loan company now turns out to be really shady and actually structured the loan in a way that they knew would make it impossible for her to pay back because they wanted the rights to her photos.

[TotallyOz]

Her work is iconic though, and it would be a shame if she loses artistic control over it.

Her work inspired me in photography school many years ago. She was someone I looked at as a true genius and full of such amazing talent and grace.

Did anyone see the movie about her last year? I was simply amazed when I saw it.

[BiBottomBoy]

What's sad for me is that that lending institution (which brags about being a "high end pawn shop" wants to use the rights to her photos to make up postcards and other tourist crap to be sold in New York and other tourist traps.

This should not happen to her art - and I'm betting her subjects would have been less likely to pose for her if they had known this could happen to the images of themselves.

[caeron]

Ok, that does give me more sympathy, but I still think if you have trouble making good fiscal decisions you ought to know enough to get help.

[BiBottomBoy]

But what happens when the help screws you over?

I'm sure she got advice to do things this way. Bad advice to be sure, but you can't make investment decisions like buying two New York City buildings on your own without the help of mortage lenders, accountants etc...

[TotallyOz]

Honestly, I do not easily have sympathy for someone who is worth as much as she is, or Michael Jackson, and then they let stupid people advise them on money matters. The rich always want to get richer quicker. If I were in that category, I would surround myself with the smartest men around and then take the investment opportunities that are least likely to do any damage.

For me, I think I'd invest in a gay gogo bar in Utah. Why? Well, there are few gogo bars in the country and Utah needs a good ass shaking more than anyone, and much potential if I am willing to wait and build up clientele over the next 30 years. I see it as a gold mine.

[BiBottomBoy]

I don't think most artists have that sense of self preservation.