Big Trouble for Annie Leibovitz
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Here's a NY Times article about her life's problems...
I rea somewhere that the poor economy, plus the inheritance taxes she paid when Susan Sonntag died and left her estate to AL.
Sean
She has a seven figure income. It wasn't a poor economy that got her in this situation. She had problems before the economy was bad.
A few bad judgements, some unfortunate events, and a crashing economy. In a way what's happening to her not that much different from what's happening to thousands of families who have to pawn off the family silver in order to pay the rent. Sad - whether it is Joe Sixpack or Annie Liebovitz.
It is sad when Joe sixpack loses his job with a wife, three kids and a mortgage. For someone who makes as much money as she does, there is no reason to be in that kind of debt if she knew how to take care of her money. She made bad lifestyle choices. The economy didn't have anything to do with this.
I remember reading an article in 1968 about some risky investments that she made back then. She apparently is not as savvy with the dollar as she is with the shutter.
"She" is a business. Seven-figure revenue for a business is nice, but it depends on what the net # is after you pay the employees, cover business costs, etc. Let's not get too preachy with so little information on hand.
The info is in the public realm. She is not a victim of circumstances, but a victim of her own mismanagement.
Also, shes didn't pay taxes after Sontags death because she didn't leave much to AL to begin with.
http://www.google.com/search?q=anni...s=org.mozilla:en-US:official&client=firefox-a
I doubt it has to do with the economy. If that's the case, how come every millionaire isn't broke?
I concur with you on this Sean. People just love it when a celebrity is in trouble though. Especially if you disagree with their "life style choices" (whatever that means.)
One good thing, is that while she may relinquish rights to her iconic photographs, she still has the talent to make more. Who knows, she may even reinvent herself with a brand new style!
I agree with Sean and Chris on that one.
Here why the issue : "The artist, 59, has become so concerned with her mounting debt, accumulated on properties she inherited in 2004 after the death of her lover Susan Sontag, she has turned to a company that lends money with fine art as collateral."
This isn't really news.
Here why the issue : "The artist, 59, has become so concerned with her mounting debt, accumulated on properties she inherited in 2004 after the death of her lover Susan Sontag, she has turned to a company that lends money with fine art as collateral."
This isn't really news.
For the record, my comment about lifestyle choice is not about her relationships, but how she conducted her business and financial affairs. I don't take joy in her troubles, it just amazes me the sympathy she gets for being in a situation she could have avoided if she at least had the wisdom to hire someone to manage her finances.
But she did not receive an inheritance from Sontag.
http://jezebel.com/5326583/why-is-annie-leibovitz-broke
Things rarely have a single cause. She might have been able to handle the bad business decisions on itself, maybe filling one gap with another by continuous loaning money. But where lenders in the past where more than happy to fork over the cash - preferably on loans "that are never payed off" as it means retrieving interest indefinetely - they are not anymore, so it's not possible to pay off one loan by getting another one. What's more, instead of being just fine with receiving interest and nothing else, those lenders now want their money back.
Obviously this doesn't apply to every millionare (most of them are sensible business persons, that's how they got there in the first place) which explains why even when the credit crunch made AL's problems became big enough to be "real problems", it doesn't affect every millionaire.
Didn't we have This Very Same Discussion in March of this year?
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I'm not sympathetic - I just don't care for people jumping on someone's back when they're not personally knowledgeable of all the circumstances (and Google searches wouldn't qualify). I personally don't have an affinity for her or find her work especially interesting, but lambasting her from afar on an internet forum isn't any more commendable than poor money management.
The article link that Julien provided says she inherited properties from Sonntag - why would you then say she didn't receive an inheritance?
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