In the ongoing legal struggle between celebrity photographer Annie Leibovitz
and the art community's financial institution, Art Capital Group
, the judge has decided to extend the clock
. Though the photographer's payment is still due on September 8, 2009 (Tuesday), the next hearing with New York State Supreme Court Justice Bernard Fried won't occur until October 2. The experts, according to Bloomberg News
, are chiming in that Art Capital Group is unlikely to declare Leibovitz in default, as that could push her into bankruptcy, which could cost the lender some cash and control over its own financial fate. Her real estate is estimated to be worth close to $40 million, and Art Capital Group puts the worth of her photo archive at above $50 million ... a bit higher now, thanks to the recent LeBron James shoot for Vanity Fair.
As if a lawsuit in state court weren't enough, Leibovitz may find herself in front of a federal judge, soon. Italian photographer Paolo Pizzetti filed the complaint, alleging that Leibovitz had hired him to take site-scouting photos and then used his product – without permission – in a LavAzza calendar, passing the photos off as her own. Specific sites shot include the Trevi Fountain in Rome and Plaza San Marco in Venice. The calendar was released last October. Pizzetti is looking for $150,000 per infringement and other unspecified damages. The Leibovitz camp has no comment yet, as it hasn't reviewed Pizzetti's filings.