On Tuesday, Annie Leibovitz’s $24 million loan comes due, but she really can’t pay it.
Her lender, Art Capital, is planning to sell Leibovitz’s archive and describes it as fine art and intellectual property, as the right to reproduce and sell pictures.
One recent court document reveals that Leibovitz’s vintage Rolling Stone material alone was appraised “in excess of $50 million.”
They are this archive as a package, along with the rights to Leibovitz’s future shoots for the next two years.
Getty Images has already made an offer of $15 million. According to a recent court filing, Art Capital Group considered that offer so insulting that talks halted immediately.
Would someone be interested in reaching a friendly arrangement to assume management of her archive for $50 million?
This whole situation is so bizarre. How could someone so seemingly on top of her game land in this situation? Unfortunately for Ms. Leibovitz, we’ll all probably find out very soon as it gets splashed all over the media in the ensuing weeks and months. Truly a shame because she’s really a talent.