I wish Annie Leibovitz well and hope she gets her financial situation back on track and doesn’t suffer the pain shared by The Beatles and Stones which is the never ending chase to put the genie (rights to your own work) back in the bottle once you have sold it. Aside from that I can’t bring myself to shed a tear or show any shock over her situation.
If you haven’t had a chance to read up on this, on July 29th Ms. Leibovitz was sued by Art Capital Group in the NY State Supreme Court for failure to pay towards a loan of $24 million that she took. The collateral for this was properties in Greenwich Village and in Rhinebeck, N.Y., her negatives and the rights to her photographs.
Essentially the bulk of her assets.
Now after failure to make the basic payments Art Capital Group has successfully pursued payment in the courts and is gaining access to the collateral with the goal of liquefying the assets to regain the funds. Ms. Leibovitz has not commented on the actions and I don’t see any advantage to commenting but sadly it is reported that this is not the first time she has had problems making proper financial payments to clients or the state for taxes.
The point is this is not a rare case in the Art World, many many artists and creative professionals regularly take upon themselves financial responsibilities that they are ill prepared to handle or worse ignore all together. Only to learn that ignorance isn’t a defense in the court and a lifetimes worth of work and struggle can be lost in the balance of a few or single bad financial decisions.
I know it feels like it is hard to find people to trust, or you don’t want to have some “parental” figure limiting your decisions or options but the business side of art is as important in the long term if not in many ways more important in enabling great work to be produced and shared with the world.
Please take this opportunity to take a good hard look at your current situation if this current economy hasn’t made you already and ask yourself are you properly taking care of your long term finances and are adequately planing for trouble and can personally handle that responsibility yourself. If the answer is no, find someone skilled who you can partner with to make sure you don’t sign contracts or do expenditures you will live the rest of your life regretting.
Life in Art is hard enough, don’t be your own worst enemy.
The Family trust led by the Connecticut collector George A. Weiss which owned a Francis Bacon painting sued Christie’s Inc on Friday, saying the company reneged on a minimum price guarantee of USD 40 million.
The lawsuit, filed in US District Court in Manhattan, alleged Christie’s reached a minimum price guarantee regarding the sale of Bacon’s “Study for Self Portrait” and has refused to pay the minimum guarantee. Christie’s is the US unit of Christie’s International PLC.
An agreement was struck in late July, but by September, after the auction house already had the painting, Christie’s said it would no longer honor the guarantee because of the faltering global economy.
The painting failed to sell at Christie’s November 2008 Post War and Contemporary Art sale, according to the lawsuit.
The lawsuit is seeking USD 40 million, plus interest and damages.