NEW YORK — Annie Leibovitz’s artsy, provocative portraits of celebrities regularly grace the covers of Vanity Fair and Vogue, images that have made her as famous as her subjects and earned her millions.
Now Leibovitz risks losing the copyright to the images — and her entire life’s work — if she doesn’t pay back a $24 million loan by Tuesday. Art Capital Group, a New York company that issues short-term loans against fine and decorative arts and real estate, sued her in late July for breach of contract. “We have clear contractual rights and will protect them in any scenario,” ACG spokesman Montieth Illingworth said Friday. “Our preference is for this to be resolved.”
Some experts say filing for bankruptcy reorganization could be the best option for Leibovitz, 59, who has put up as collateral three historic Greenwich Village townhouses, an upstate property and her artwork.
Leibovitz’s images of musicians, presidents and Hollywood glitterati are cultural touchstones. One of her earliest photos is of John Lennon curled up naked in a fetal position with Yoko Ono, taken just hours before he was assassinated in 1980. The Associated Press
