How Financial Problems Have Plagued Annie Leibovitz

A great 8-page article in the NY Mag. She’s had to “leverage” the body of her work to secure loans. She’s in debt for over 24 million. It’s kind of sad that such a great artist allowed her ego to rule her finances, and essentially bankrupted her. Art Capital is the company who financed and consolidated all of Leibovitz’s debts. They are the only company entitled to sell her work and even if she is able to repay the 24 million, she will have to give them 22.5% of all of her earnings for the next two years. If she defaults, it’s 50%.