Art Capital Group Sues Annie Leibovitz to Collect on $24 Million Loan

August 2nd, 2009

Ian Peck and Baird Ryan at Art Capital Group. Via The New York Times

Art Capital Group founded in 1999 and based in New York is a company that provides financial and consulting services to art owners in creating liquidity from assets. In other words, Art Capital allows clients to discreetly get loans in using artwork as collateral. Whether it is due to the tender nature of the business that steps into the fields of intellectual property when dealing directly with artists, or the necessity on the company’s side for firm and assertive approach in an economic environment that is nothing short of unstable; Art Capital Group seems to often be caught up in lawsuits with its clients. One of the most prominent photographers Annie Leibovitz has recently become the center of one of those litigious disagreements.

Related Links:
For Annie Leibovitz, a Fuzzy Financial Picture [The New York Times]
That Old Master? It’s at the Pawnshop [The New York Times]
Lender Sues Annie Leibovitz, Seeking Her Homes to Pay $24 Million Debt [The New York Times]
Leibovitz, Photographer, Sued Over $24 Million Loan [Bloomberg]
Art Capita Group, Inc. [Business Week]
Annie Leibovitz pawns rights to all future work [Guardian]

Annie Leibovitz via Daily News

More text and pictures after the jump...

When last fall Annie Leibovitz has borrowed $24 million from Art Capital Group, she lent the rights to her photographs and multiple homes to the company. Annie has failed to pay off the loans and Art Capital has filed a lawsuit asking the judge to order their client to allow them to access her homes with the purpose of selling them. Homes, however, are not the controversial side of the story when that story concerns a photographer who has captured some of the most iconic images of our time. Guardian reports that Annie Leibovitz has put up as collateral “the copyright, negatives and contract rights to every photograph she has ever taken or will take in future until  the loans are paid off.”

Mick Jagger, Annie Leibovitz. Via Vanity Fair

Artwork used as collateral seems to be a logical turn on a path full of auction houses, art dealers and monetary values attached to intellectual if not emotional properties. The romantic connotations brought up by the very term art, create a dissonance powerful enough to be newsworthy when they are juxtaposed to terms like “pawnshop.”

Updated manual worth the wait

Chicago Sun-Times February 16, 1992 | Les Hausner Since it first arrived in bookstores in 1973, Reader’s Digest’s popular Complete Do-It-Yourself Manual has sold 10.5 million copies. go to site how to install a dishwasher

This is the manual I normally check first when seeking help on a project around the house.

After 23 revisions, the book has been completely rewritten and illustrated and retitled New Complete Do-It-Yourself Manual. The cover price is $30 – actually a bargain for any homeowner interested in keeping the house or making improvements without having to call in a professional.

Of course, no manual ever deserves the word “complete” in its title, but this book comes close to achieving that end.

There are some new chapters, including emergency repairs, which offers immediate stopgap solutions for power outages, clogged drains and leaky roofs. “Your House” is a new chapter dealing with the house structure, hiring a contractor, building codes and financing repairs.

The book’s updating reflects our changing lifestyles. For example, the chapter on plumbing gives well-illustrated instructions for installing whirlpool baths. The electricity section tells us how to install home security systems, telephone wiring and smoke detectors.

The chapter on woodworking should be helpful to anyone trying to solve the mysteries of cutting joints, grooves and miters.

There is much that is new in New Complete Do-It-Yourself Manual, and the book is an excellent primer for one wanting to learn how to paint or wallpaper, repair and install floors, and make plumbing and electrical repairs and installations.

No doubt a revision of this manual already is in the planning stage. I have a suggestion for at least one addition: How to install a dishwasher. This should have accompanied the instructions on installing a garbage disposal. here how to install a dishwasher

About seven years ago, I installed a dishwasher in less than two hours and with the aid of simple tools after a craftsman quoted me a price of $210 for labor alone. I wonder what it would cost today?

I am not certain what Charles H. Self had in mind when he compiled Making Pet Houses, Carriers & Other Projects (Sterling Publishing, $9.95 paperback).

I presumed such a book would present a wide assortment of original plans for pet structures and would be accompanied by clear illustrations. That is what the do-it-yourself book trade is about.

Instead, I discovered that half the 128-page book is devoted to woodworking and refinishing techniques.

Many of the photos are of tools with the brand names prominently displayed. A snapshot of a bottle of (I won’t name the brand) hide glue does nothing to help anyone complete a proejct. The same goes for a photo of a set of chisels, which does not explain the particular use of any of them.

Plans for building two dog houses were obtained from the American Plywood Association, which also supplied color photos of their finished projects. We have to guess how the other products will look after completion.

Save your money. You can write to the American Plywood Association, Box 11700, Tacoma, Wash. 98411, for a free catalog of plywood products, including pet products.

There is a charge, probably $2, for an individual pattern. If you want a videotape explaining how to do it, the charge is $15.95.

Les Hausner