Art Capital and Leibovitz Reach Agreement!

by Tom Johansmeyer (RSS feed)
Sep 11th 2009 at 2:01PM

In a statement revealed to Luxist, Art Capital Group has announced that it will withdraw its lawsuit against celebrity photographer Annie Leibovitz, as they have reached an agreement that will lead to the restructuring of her debt. The resolution extends the maturity of Leibovitz's $24 million loan – which was originally due on Tuesday. It also entails Leibovitz's purchase from Art Capital Group the rights to act as exclusive agent in the sale of her real estate holdings and copyrighted material.

So, the artist retains control of her assets, according to the Art Capital Group announcement, "within the context of the loan agreement which shall prevail until satisfied." Essentially, if she doesn't meet the undisclosed terms of the restructuring, she could again risk losing the property she has put up as collateral.

Leibovitz says, "In these challenging times I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support." She continues, "I also want to thank my family, friends, and colleagues for being there for me and look forward to concentrating on my work."

Ian Peck, CEO of Art Capital Group, says, "We're gratified to be able to further assist Ms. Leibovitz to achieve financial stability and proud to have been of such value to her at this juncture in her life and career."

Tags: annie leibovitz, AnnieLeibovitz, art, artist, leibovitz, scandal

Filed under: Art

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Reader Comments (Page 1 of 1)

jjustiiinn Sep 13th 2009 2:50PM

she has some incredible work, but her choices she made were ridiculous.

jjustiiinn Sep 13th 2009 2:51PM

she has some incredible work, but her choices she made were
ridiculous.

bill Sep 13th 2009 3:09PM

Yeah right. Its settled "for now". We'll be reading this same scenario for the next couple years.

Alonso Sep 13th 2009 3:28PM

Hindsight is always perfect so I say lay off the party involved. No one on the outside knows why she made the choices she made and therefore is in no position to pass judgment. Why not leave people to their own devices? The problem is, we expect everybody to conform and that's just not possible and live to one's full potential. I'm glad for Ms. Leibovitz and wish her well.

Cynthia J. Sep 13th 2009 4:56PM

Hey Ms. Elitist, even you have to pay your debts and live within your means. You've let celebrity go to your head. You are a photographer and being a Lesbian, has not stopped you from exploiting women in your pictures. Get over your homely self and do something POSITIVE in your work. Try to find some humility in what you do.

Jennifer Sep 13th 2009 5:50PM

Way to go, Annie!
As a professional photographer and a huge fan of Annie, this news warms my heart. Glad to hear she got this worked out, now let's see some more of your amazing work!

SandhillsRider Sep 13th 2009 6:49PM

Does this mean that rich people have to pay back loans too? I'm amazed. I see she didn't spend any of that 24 million on her hair. WTF is up with that rats nest on her head?

Laurie Sep 13th 2009 7:24PM

I just can't imagine how she got this low. She has made a huge salary for many years and only in the last few years had children... so it was mostly just HER. How does one woman spend so much? And then to put up your copyright photos as colladeral. Stupid.