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Leibovitz borrows against copyrights

Cem_Usakligil

Cem_Usakligil

Well-known member
Alain Briot said:
Interesting news:

http://www.nytimes.com/2009/02/24/arts/design/24artloans.html?_r=2&ref=arts

The question is how can she ever repay the loans since the terms are that she gives up her copyright income, which, for a photographer in her situation, are the primary source of income I would estimate? What other sources of income are left to her? Contracts for future photographs without copyright income?
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Hi Alain,

She has used her copyrights as a collateral, she still gets the cash flow while the loans are paid back in a timely fashion. But having read the article, the loan company is rather devilish; ie they regularly do not release their hold on the collaterals even when loans are paid back. So in that sense, Leibovitz may have sold her soul to the devil forever, literally.
 
Alain Briot

Alain Briot

pro member
Also, the loans appear to be for more than she can leverage in income which means even in the best case scenario they could not be repaid unless she sold one of her assets --the homes-- which can't be done since they are part of the loan...
 
E

Edward Bussa

Member
Yea, doesn't seem too financially savvy, which I guess is part of the reason she is resorting to such a desperate measure ... time will tell how this works out, but I think if I were her I would be feeling a lot of pressure!
 
K

Ken Tanaka

pro member
Skimpy news story aside, this really isn't anyone's damn business. I wonder how many leering faces would like to have their personal financial circumstances plastered in the news for every college kid to take a poke at.
 
Alain Briot

Alain Briot

pro member
Edward Bussa said:
Yea, doesn't seem too financially savvy, which I guess is part of the reason she is resorting to such a desperate measure ... time will tell how this works out, but I think if I were her I would be feeling a lot of pressure!
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Indeed. I would too! It's interesting to see how famous photographers fare financially, even though we only know the superficial aspects of their situation.
 
Alain Briot

Alain Briot

pro member
Matt Suess said:
Just because someone is famous doesn't mean that they know how to budget properly or make wise investments.
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Right on. That's the old relationship between fame and fortune. The two rarely cohabitate happily. When they do it is an exception rather than a norm, hence our fascination with those who manage to get both.
 
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