Sunday, August 23 2009

Nice curve ball ya got there…

…making her the latest spectacular victim of the bad debt crisis and nationwide recession

After 18 paragraphs that demonstrate that photographer Annie Liebovitz spends money (her own and other peoples’) like water, including the $24 million she hocked her work for less than a year ago, this is how the writer spins her: a victim of recession and “the bad debt crisis”. No hint that she actually lost money due to investments collapsing under the weight of someone else’s bad debt, mind you, just a firm deflection of responsibility.

The interesting question is what, precisely, she hocked, her work or her copyrights. Given that the lender (possibly slimed here as “a high-end pawn broker”) specializes in high-dollar art, probably the latter, which would pretty much cut her off from any future revenue. And with Goldman Sachs also asking for a piece of the pie, she’ll likely lose her home and equipment as well, leaving her dependent on new clients. Not fun.