Renowned American portrait and lifestyle photographer, Annie Leibovitz began her rise to fame by first becoming a staff photographer for Rolling Stone Magazine, during the publication’s infancy.
Soon after, she became recognized internationally for her capacities as a photographer, through her work as the tour photographer for the prototype rock band, the Rolling Stones.
In 1980, she photographed one of the most well-known images of John Lennon (with Yoko Ono), which made the cover of the Rolling Stone soon after.
Leibovitz was the last professional photograph to capture John Lennon, as he was killed about five hours after leaving Leibovitz’ studio.
For the last three decades, Leibovitz has captured both individuals and moments that define Popular culture and as a result she has become one of the most sought after and commercially successful photographers to date.
However, despite her many accolades and her many resources, the artist recently encountered significant financial troubles, which culminated circa February 2009 as a result of her many debts stemming from the renovation of numerous properties owned by Leibovitz and the recent deaths of both her parents.
Due to the previously mentioned financial troubles, Leibovitz entered into a contractual agreement with Art Capital Group, such that the corporation would lend Leibovitz 24 million dollars for approximately an 8 month period, in return for becoming the artist’s exclusive representation for the commercial sales of all her photographs and also in terms of the artist’s involvements and assets within the world of real estate.
To secure such an agreement, Leibovitz offered as collateral a number of her properties, as well as all the copyrights to every photograph she had taken prior to the agreement, in addition to all the copyrights for photographic works that she produces thereafter.
The due date for the repayment of this loan was last Tuesday (September 8, 2009) and fortunately for Leibovitz, her attorneys came to a new agreement with Art Capital Group prior to the due date.
In a newly established contractual agreement between Leibovitz, her attorneys and Art Capital Group, the due date for the repayment of the 24 million dollar loan had been extended and the artist had also reacquired all the rights to her most valued pieces of intellectual property—her photographs (both past and future).
It’s unclear as to when the new due date for the repayment of the Art Capital loan had been set to (or what the terms of that repayment are), but Leibovitz was recently quoted by the Associated Press as stating that “in these challenging times I am appreciative to Art Capital for all they have done to resolve this matter and for their cooperation and continued support.”