Subprime borrowing for prime photos
http://www.nytimes.com/2009/07/31/ny...1&ref=nyregion
Subprime borrowing for prime photos
http://www.nytimes.com/2009/07/31/ny...1&ref=nyregion
There was an initial article on this about sixth months ago. Looks like it's moving along at a snails pace as expected. Will be interesting to see what happens though.
Originally Posted by Brian Sims
Recall that other creative artists, particularly in the music field, have lost their works after putting them up as collateral for loans. (eg. M Jackson, who also put up half the rights to Beatles that he owned).
Don't think the bank won't collect/sell both the properties and the photographic rights. And Annie has no rights to prevent...although it appears she's trying
In good times and bad, some people can't handle money. The same thing happened to Julian Schnabel before the crash.
This is very sad. No one wants to have their private lives in the courts and in the newspapers. And to be an onlooker with this sort of thing is to be diminished. I really am sorry I read that NYT's article.
That really sucks for her. Everyone who is making that kind of money should have a mandatory competent money manager who knows how to say NO!.
It truly amazes me how the smartest people in the world fall prey to the genius complex. They are at the top in one area but seriously deficient in another i.e. social, monetary, physical....I just hope the courts appoint someone to manage her and settle this without the sale of her images.
It would set a bad precedent for us all.
Even a 'competent money manager' can be wrong and you have no evidence that one was not involved. Statistical models on which most financial planning is based doesn't handle outliers well, q.v. Taleb, The Black Swan, although the real estate implosion was in no way unexpected.
There's an article about Leibowitz in today's (8/2) New York Times. As I read it, it says (a) she created her financial disaster herself and (b) she's in many ways badly out of control. Not a happy-making situation or story.
What I find really amazing is how easy it is to get in the red without having to earn and loose a butt load of money first...
It makes checking in to a Cistercian monastery sound rather attractive!
"I would feel more optimistic about a bright future for man if he spent less time proving that he can outwit Nature and more time tasting her sweetness and respecting her seniority"---EB White
Not that I wish bad on anyone, but she did create this mess herself. If she stuck to photography, maybe we wouldn't be talking about this right now.
Photographs by Richard M. Coda
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