I am still stunned at the decision Annie Leibovitz made in order to secure a $24 million loan to pay off her debts. She put up as collateral the copyrights of ALL her work and any future work. (Who relinquishes the rights to future works?) I find that so mind boggling. I’m sure the pressure of her debts was mounting hard and sometimes financial pressure causes you to make choices and concessions you would normally not consider.
But if you are a famous photographer and your copyrights are your goldmine and future copyrights are your future earnings why make that collateral? She puts herself in a position that copyrights of her works and her future works especially may over the course of her lifetime be worth more than the $24 million loan. If that’s the contract then it’s never “paid off”. Everything she ever makes Art Capital Group gets the copyright too. Ten years from now or twenty years from now. I can’t get past that.
Oh not only did she put up her copyrights but also all her real estate. Huh?? This woman will be left with only her name. Now I know Tina Turner made a comeback with only her name but at least she kept the earnings from her future works.
For more on the story of Annie Leibovitz check out this CNN article.
A Poet's Life 