Monday, September 14, 2009

Annie Leibovitz might be changing her relationship to money.In a 13th-hour agreement on Friday, the photographer Annie Leibovitz avoided having to give up her homes and her artistic property to the finance company that had lent her $24 million. But all she may have won is time. The Art Capital Group, which specializes in loans secured by artwork, had given Ms. Leibovitz a $24 million one-year loan that was due on Tuesday. As collateral, she pledged the rights to all of her intellectual property, including her photographs, as well as three adjoining town houses in Greenwich Village and a home in Rhinebeck, N.Y. On Friday, three days after the deadline, Ms. Leibovitz and Art Capital announced that they had reached an agreement on a loan extension. Ms. Leibovitz, 59, perhaps the most famous and best-compensated living photographer, has been enduring a well-chronicled and much-puzzled-over financial meltdown. Friends said yesterday that Ms. Leibovitz had the tenacity to figure out a way to pay off her loan this time, but that she might have to change her relationship to money fundamentally. -ALLEN SALKIN, NY Times

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