Annie Leibovitz, photographer of stars, faces ruin (update)

[CannedHeat]

It's the title of the article, not a comment.

Article:

http://www.breitbart.com/article.php?id=CNG.2f54f844fc040f6daba9c6b086caf08 f.21&show_article=1

[Gibbo]

This is such a shame. She truly is a magnificent photographer and true inspiration. I hope she pulls through..

And WOW.. she has an image archive worth OVER $50,000,000!

[bsaber]

Sad to see...

[nphsbuckeye]

Sad to hear, but she should have better accountant(s). Multiple houses? Talk about living in the moment...

[cdifoto]

No sympathy here.

[Tee Why]

Wow,
Living the high life. Or I guess she was living the high life.

[hawkeye60]

I find it difficult to be sympathetic. $24 million in Dec. 2008, is it all gone in less than a year? Anyone could live out their entire life on far less.

[5Dmaniac]

I remember reading that the reason she is in financial trouble now has to do with inheritance and resulting real estate - but I am not sure. There is no way she spent all her money on props and the two houses the article mentions. Something else is going on here.

[nicksan]

Break out the violin...

[RDKirk]

Well, being nearly as old as Leibovitz myself and also being capable of introspection, I'm aware of how many times I've screwed up in the same manner (although not to the same magnitude) and escaped deserved ruin.

So I'm fairly careful of saying "He got what he deserved." I more often take such things as a caution to watch my own butt more carefully.

[cdifoto]

Well, being nearly as old as Leibovitz myself and also being capable of introspection, I'm aware of how many times I've screwed up in the same manner (although not to the same magnitude) and escaped deserved ruin.

So I'm fairly careful of saying "He got what he deserved." I more often take such things as a caution to watch my own butt more carefully.
When I screw up and fall on my ass, I got what I deserved too.

[AudibleSilence]

I mean....I think she is awesome as a photographer, I just think she made a lot of mistakes. Her pics will outlive this, her, and probably all of us though. I'd still kill to have the experience/artistic creativity she has though.

[alt4852]

I'd still kill to have the experience/artistic creativity she has though.

that wouldn't land you in the poorhouse, just prison. ;)

[RDKirk]

When I screw up and fall on my ass, I got what I deserved too.

Few of us get the punishment we truly deserve.

[CannedHeat]

I'm not ready to say I have no sympathy for her because we all make mistakes, some self-inflicted, that nonetheless hurt.

But then again, reading the story you discover that she was turned down for an AmEx credit card, supposedly previous to her troubles.

There's something wrong there. You make millions but are declined a creditcard because of an apparent bad credit check?

It sure seems to say that she was a very poor manager of her personal finances.

[AudibleSilence]

I'm not ready to say I have no sympathy for her because we all make mistakes, some self-inflicted, that nonetheless hurt.

But then again, reading the story you discover that she was turned down for an AmEx credit card, supposedly previous to her troubles.

There's something wrong there. You make millions but are declined a creditcard because of an apparent bad credit check?

It sure seems to say that she was a very poor manager of her personal finances.

Reminds me of that scene in Boiler Room...

[Tessa]

Don't know if this link has been already posted, but it's an interesting read: http://nymag.com/fashion/09/fall/58346/

[USMCWayne]

Great article Tessa. Thanks

[dolfinack]

I find it difficult to be sympathetic. $24 million in Dec. 2008, is it all gone in less than a year? Anyone could live out their entire life on far less.

Damn right.

How on Earth! Silly silly people to squander so much loot! Geez this angers me more then rousing sympathy.

[cdifoto]

Don't know if this link has been already posted, but it's an interesting read: http://nymag.com/fashion/09/fall/58346/

Damn right.

How on Earth! Silly silly people to squander so much loot! Geez this angers me more then rousing sympathy.
And to think some people want to bail her out. See the comments section of the above article.

Send money to a millionaire who has no idea how to say "no" to a purchase? I think not. I'm driving a 10 year old car that's NEW to me.

Is it jealousy talking? You bet. Not of her downfall but the money she squandered.

[tgara]

"Budget is not something that enters into her consciousness, but it is worth it because at the end of the day, she gives you an image that nobody else can," said Wintour.

Well, this guy is may be right in an existential sense, but he completely avoids reality. Apparently so did Annie:

The weekly New York Magazine published a lengthy article recounting her perfectionism at work and her lavish personal taste, including an apartment on the banks of the Seine in Paris to please her lover, writer Susan Sontag, who died in 2004.

Apartment on the Seine?? I have no sympathy for anybody who needs to take out a $24 million loan.

[JWitmer]

As sad as the situation is, I can't feel bad for her.

[johnaengus]

Yes, it is all interesting. Many people have landed themselves in a jam - her's is just bigger than most. She is still an amazing photographer.

Back in the 1980's she was doing the AmEx campaign and came to South Dakota. I had the good fortune to assist her on a 2-3 day shoot out in the Badlands. At that time, I had no idea who she was. It was a great experience, an amazing experience.

p.s. Back in the 80's she was making $15,000 per day PLUS expenses!!

[argyle]

"Life is tough. Its even tougher if you're stupid." - John Wayne

I don't feel sorry for her at all. My 401k's were hit for about 40%, where's my bailout?

[cdifoto]

p.s. Back in the 80's she was making $15,000 per day PLUS expenses!!
I'm assuming that's true when I ask, "is it possible to have sympathy in the negative numbers?"

You know, like:

Fallen soldier's family = +5 sympathy
Plane crash victim's family = +3 sympathy
Tiger eaten idiot's family = +1 sympathy
Annie Leibovitz = -50 sympathy

Just wondering.

[wickerprints]

"Life is tough. Its even tougher if you're stupid." - John Wayne

I don't feel sorry for her at all. My 401k's were hit for about 40%, where's my bailout?

Leibovitz did not get a bailout. She put up her artwork as collateral and is now about to lose it due to her own financial mismanagement.

If you want to be upset about your 401K, blame (1) the Wall Street investors and corporations who are back to business as usual, and (2) the homeowners who bought houses they couldn't afford.

[cdifoto]

Don't get me wrong...it would totally suck to fall from grace like that. As long as she isn't asking for a hand out I can still respect her. But if she's expecting people to cry tears and save her from herself just because she is who she is, my respect would be gone. Fortunately I have yet to read anything about her appealing for sympathy.

[wickerprints]

I'm assuming that's true when I ask, "is it possible to have sympathy in the negative numbers?"

You know, like:

Fallen soldier's family = +5 sympathy
Plane crash victim's family = +3 sympathy
Tiger eaten idiot's family = +1 sympathy
Annie Leibovitz = -50 sympathy

Just wondering.

Why does the fallen soldier get more sympathy than the plane crash victim? ??? If anything, it should be the other way around--the plane crash victim likely had no control over their situation, whereas the fallen soldier chose a military career and understood the risks that such a choice entailed. Just because they chose a supposedly noble cause does not mean that they should earn more sympathy. It is a sacrifice they were willing to make, and as such, gratitude is a more fitting reaction, not sympathy.

Sympathy is for things like someone being brutally kidnapped, raped, tortured, then murdered over the course of two weeks, and having the mutilated dismembered body discovered by wild animals.

[tkbslc]

Why does the fallen soldier get more sympathy than the plane crash victim? ??? If anything, it should be the other way around--the plane crash victim likely had no control over their situation, whereas the fallen soldier chose a military career and understood the risks that such a choice entailed. Just because they chose a supposedly noble cause does not mean that they should earn more sympathy. It is a sacrifice they were willing to make, and as such, gratitude is a more fitting reaction, not sympathy.


Totally different discussion, but I think he said the fallen soldiers family. A soldier's kids had no choice in the matter.

By the same token a plane crash victim chose to get in a metal tube traveling 35,000 feet above the ground at 600+mph. They could have stayed home.

[wickerprints]

Totally different discussion, but I think he said the fallen soldiers family. A soldier's kids had no choice in the matter.

Well, the soldier most likely had to make a family to begin with. I'm not saying the family shouldn't get *any* sympathy, just not more than someone who didn't sign an agreement ahead of time saying they were going to risk their life, knowing they might potentially put their family through grief. Like I said, that should earn respect, gratitude, appreciation, but the family and the solider don't really have much use for sympathy.

By the same token a plane crash victim chose to get in a metal tube traveling 35,000 feet above the ground at 600+mph. They could have stayed home.

If that's your rationale, then you might say the same for victims of drunk drivers. Or anybody who does ANYTHING. There is risk of death everywhere and at all times no matter what you do. What you seem to be misunderstanding here is that there is a difference between someone who knowingly signs up for a high-risk situation, versus someone who does not expect to be in trouble and needlessly dies because of malfunction or accident.

[Maureen Souza]

Part of what makes a person great is how they use their brains.

Nuff said.

[Gentleman Villain]

"The reports of my death are greatly exaggerated" - Mark Twain

[Tixeon]

Well, the soldier most likely had to make a family to begin with. I'm not saying the family shouldn't get *any* sympathy, just not more than someone who didn't sign an agreement ahead of time saying they were going to risk their life, knowing they might potentially put their family through grief. Like I said, that should earn respect, gratitude, appreciation, but the family and the solider don't really have much use for sympathy.



If that's your rationale, then you might say the same for victims of drunk drivers. Or anybody who does ANYTHING. There is risk of death everywhere and at all times no matter what you do. What you seem to be misunderstanding here is that there is a difference between someone who knowingly signs up for a high-risk situation, versus someone who does not expect to be in trouble and needlessly dies because of malfunction or accident.

A little off topic -- don't you think? :confused:

[tkbslc]

Well, the soldier most likely had to make a family to begin with. I'm not saying the family shouldn't get *any* sympathy, just not more than someone who didn't sign an agreement ahead of time saying they were going to risk their life, knowing they might potentially put their family through grief. Like I said, that should earn respect, gratitude, appreciation, but the family and the solider don't really have much use for sympathy.



If that's your rationale, then you might say the same for victims of drunk drivers. Or anybody who does ANYTHING. There is risk of death everywhere and at all times no matter what you do. What you seem to be misunderstanding here is that there is a difference between someone who knowingly signs up for a high-risk situation, versus someone who does not expect to be in trouble and needlessly dies because of malfunction or accident.

You started it! :)

Kids still have no choice in the matter, either way, so I say they win the sympathy argument! ;)

[wickerprints]

You started it! :)

Kids still have no choice in the matter, either way, so I say they win the sympathy argument! ;)

I think cdifoto started it...one look at his avatar and you can tell he's a troublemaker :p ;)

[alscheppersmotorco]

This is a year old, IIRC.

[nphsbuckeye]

This is a year old, IIRC.
The article says Aug 23, but omits the year. So it's brand spanking new or exactly a year old. :cool:

[argyle]

Leibovitz did not get a bailout. She put up her artwork as collateral and is now about to lose it due to her own financial mismanagement.

If you want to be upset about your 401K, blame (1) the Wall Street investors and corporations who are back to business as usual, and (2) the homeowners who bought houses they couldn't afford.

Blah, blah, blah...I was being sarcastic (which you obviously missed). Looks like poor lil' Annie is gonna lose her collateral as of September 8, 2009...that's when her loan is due. Unless, of course, she gets a bailout beforehand. Who the hell goes through $24 million in such a short amount of time? Her "partner" must be really high maintenance...

[wickerprints]

Blah, blah, blah...I was being sarcastic (which you obviously missed). Looks like poor lil' Annie is gonna lose her collateral as of September 8, 2009...that's when her loan is due. Unless, of course, she gets a bailout beforehand. Who the hell goes through $24 million in such a short amount of time? Her "partner" must be really high maintenance...

Are you being sarcastic again? My sarcasm detection skills are not very good, as you can see... Well, just in case you were not being sarcastic....

Her partner, famous author Susan Sontag, has been dead for several years. Last time I checked, dead people aren't very hard to maintain. :p

[Gentleman Villain]

Blah, blah, blah...I was being sarcastic (which you obviously missed). Looks like poor lil' Annie is gonna lose her collateral as of September 8, 2009...that's when her loan is due. Unless, of course, she gets a bailout beforehand. Who the hell goes through $24 million in such a short amount of time? Her "partner" must be really high maintenance...

speaking of bailouts

Did anybody notice (in the article posted on the previous page) that part of the financing for the loan came from Goldman Sachs

[District_History_Fan]

Maybe obama will bail poor Annie out. :rolleyes:

[nphsbuckeye]

speaking of bailouts

Did anybody notice (in the article posted on the previous page) that part of the financing for the loan came from Goldman Sachs
Wait until Dr. Paul's Audit the Fed bill passes; may whomever you pray to have mercy on the Federal Reserve.

[CannedHeat]

This is a year old, IIRC.

I usually find it's useful to read an article before I comment on it. Here's a quote from it:

"In what now appears as a disastrous decision to raise funds, Leibovitz took a 24-million-dollar loan from Art Capital Group (http://topics.breitbart.com/Art+Capital+Group/) (ACG (http://topics.breitbart.com/ACG/)) -- in effect a high-end pawn broker -- in December 2008 using her own photographs as collateral. "

If it's a year old (August 2008 ), the writer must have a crystal ball to have seen months into the future. ;)

speaking of bailouts

Did anybody notice (in the article posted on the previous page) that part of the financing for the loan came from Goldman Sachs

Wait! Wasn't Goldman Sachs a recipient of bailout money? If so, that means we own Annie's work! :)

[nicksan]

...just like I own parts of someones cash for clunker purchased new car...

[District_History_Fan]

...just like I own parts of someones cash for clunker purchased new car...

Do you you feel as good about that as I do? obummer is saving the world...with our money.

[wickerprints]

I give this thread a half dozen more responses--tops--before a mod steps in to clean up the bloody mess.

[Gentleman Villain]

Wait! Wasn't Goldman Sachs a recipient of bailout money? If so, that means we own Annie's work! :)

I got first dibs on the pic of Scarlet Johannson as Cinderella :D

[nightcat]

the motto of folks like this is, "tomorrow never comes". But of course it does, and then we all end up reading about it.

[CannedHeat]

I give this thread a half dozen more responses--tops--before a mod steps in to clean up the bloody mess.

I wouldn't say it's bloody. I've seen bloody on POTN and this ain't it. Still, it is swerving on and off topic and politics is one of the things that will get its chain yanked real fast.

[Grimes]

Just because you can make a ton of money doesn't mean you can hold on to it!

[AudibleSilence]

My friend's sister worked as an assistant on a shoot or two of Annie's. Said she is a task master, but it comes from a place of genius not malice. Her budgets were nuts, her demands..unreasonable. But she is one of the greatest in history for a reason.

[hawkeye60]

Loan deal saves Leibovitz images:

http://news.bbc.co.uk/2/hi/americas/8251799.stm

[AudibleSilence]

I just saw this on the news...I am kinda happy, though I wanna know how the hell she got into that mess to begin with.

[stathunter]

I just saw this on the news...I am kinda happy, though I wanna know how the hell she got into that mess to begin with.

I have read a few different stories on how she cannot budget at all. The story that that OP posted about her editor mentioning the fact that she does not know budget. I have read other stories how she from the beginning of her career was pathetic with money - in my opinion she is one of those wacky very creative people who have a hard time functioning in society because the balance portion is not there.

[RDKirk]

I have read a few different stories on how she cannot budget at all. The story that that OP posted about her editor mentioning the fact that she does not know budget. I have read other stories how she from the beginning of her career was pathetic with money - in my opinion she is one of those wacky very creative people who have a hard time functioning in society because the balance portion is not there.

It's called "hiring an accountant."

[AudibleSilence]

It's called "hiring an accountant."

This.

[stathunter]

It's called "hiring an accountant."

Yep - when you can see the fact that you need help......I see her as someone who is too way out in her creative world that she cannot really understand what she really needs.

I have also heard that she is so out there creatively that she is very hard to work with.

[friz]

She is a great artist with a skill set that can not be taken away by a bankruptcy court. I don't think she has any worries. Then again a have a tendency to look at things a little different.

[friz]

Yep - when you can see the fact that you need help......I see her as someone who is too way out in her creative world that she cannot really understand what she really needs.

I have also heard that she is so out there creatively that she is very hard to work with.

I'm sure she knows exactly what she needs to get the result she wants. I would say the problem lies in balancing these needs with her receipts is the problem. The solution might lie in a good business manager.

[stathunter]

I am sure no matter what she will not be living in a van down by the river. :)

[Wilt]

'artist' and 'good money manager' seem to not be coexistent terms for many who are gifted in the arts. Witness also the state of Michael Jackson's estate. Ignoring the bizarre later years, his first 20 years were definitely filled with talent and artistry.

[DeaconG]

It's called "hiring an accountant."

An accountant that knows her well enough to tell her "No, no, HELL NO!" when she goes off on a financial tangent.

[20DNewbie]

It warms my heart to see the banks helping out financially irresponsible millionaires all the while throwing the average Joe out on his ass. :rolleyes:

[DreDaze]

i know everyone says photography is an expensive hobby...but i didn't know it was $24 million in 9 months expensive...

i bet her downfall all started with the L fever...which is why i'm staying away from those...well it's also cause i'm already broke...:)

[District_History_Fan]

It warms my heart to see the banks helping out financially irresponsible millionaires all the while throwing the average Joe out on his ass. :rolleyes:

My thoughts exactly. What a screwed up world. Hey, have you heard, up is now known as down, and right is now wrong... :sad:

[DDCSD]

It warms my heart to see the banks helping out financially irresponsible millionaires all the while throwing the average Joe out on his ass. :rolleyes:


I'm pretty sure they didn't "help" her out. They simply gave her more time to re-pay, likely with some more bad terms. They'll either make a couple million more off of her if she does pay, or the market will be be better when they finally do take possession of her properties and copyrights and re-sell them.

That's kind of like saying that Uncle Vinnie is helping out the guy that owes Tony money by giving him an extra week to pay while doubling the amount owed. :lol:

[20droger]

My thoughts exactly. What a screwed up world. Hey, have you heard, up is now known as down, and right is now wrong... :sad:
Where have you been? Right has been wrong for decades. Just look at the justice system.

I heard that things have gotten so bad that Harvard Law now requires all law school applicants to take a course: "Right and Wrong 101."

[DDCSD]

I heard that things have gotten so bad that Harvard Law now requires all law school applicants to take a course: "Right and Wrong 101."

They must not require them to pass it though... :p

[Grimes]

I'm pretty sure they didn't "help" her out. They simply gave her more time to re-pay, likely with some more bad terms. They'll either make a couple million more off of her if she does pay, or the market will be be better when they finally do take possession of her properties and copyrights and re-sell them.

That's kind of like saying that Uncle Vinnie is helping out the guy that owes Tony money by giving him an extra week to pay while doubling the amount owed. :lol:


Yeah, I've read about the company she dealt with, and they are one small step above a loan shark.

[ScootersDaddy]

I am sure no matter what she will not be living in a van down by the river. :)

(in best Michael Palin voice)

Oh what we would have given for a comfy van by the river! We had to live in a hole in the ground. And once a week if our photographs weren't up to snuff our father would beat us with a POTN/Optech strap. Oh but those were the good old days... :p :lol:

[20droger]

(in best Michael Palin voice)

Oh what we would have given for a comfy van by the river! We had to live in a hole in the ground. And once a week if our photographs weren't up to snuff our father would beat us with a POTN/Optech strap. Oh but those were the good old days... :p :lol:
What?!! You had a hole?!! Luxury!!! Pure luxury!

Would that we had a hole! We had to live on the flat ground in the winter snow and ice, in only our underwear. And if our photos weren't up to snuff, our father beat us with a thin generic leatherette strap. And when he was really mad, he made us shoot with a Nikormat!

[Tedder]

No artist inspired enough to produce a masterpiece such as "Elvis Presley's Turntable" should ever have to suffer the indignity of financial inconvenience.

[friz]

I smell government bailout. I'm sure her legacy is "Too big to fail".

[nphsbuckeye]

They must not require them to pass it though... :p
bw!

[bsaber]

I smell government bailout. I'm sure her legacy is "Too big to fail".

I doubt it but wouldn't be too surprised either.

[yogestee]

(in best Michael Palin voice)

Oh what we would have given for a comfy van by the river! We had to live in a hole in the ground. And once a week if our photographs weren't up to snuff our father would beat us with a POTN/Optech strap. Oh but those were the good old days... :p :lol:


,,and tell the young ones and they wouldn't believe you..

[RDKirk]

I heard that things have gotten so bad that Harvard Law now requires all law school applicants to take a course: "Right and Wrong 101."

Ten years ago, the US Marine Corps added a week to their basic training just to teach basic morality...the level of morality of the new kids coming in had sunk so low it scared even the Marines.

[RDKirk]

I smell government bailout. I'm sure her legacy is "Too big to fail".

Twenty-four million dollars doesn't even nudge the needle in government money tanks.

[20droger]

You know the old saying: A billion here. A billion there. Pretty soon you're talking real money.