Annie Leibovitz and her creditor ended a week of negotiation and speculation Friday when they reached a deal that allows the photographer to maintain control of her life’s work. Leibovitz bought back the rights to act as exclusive agent in the sale of her property and copyrights from Art Capital Group by renegotiating the conditions of a $24 million loan, the parties said in a joint statement. Art Capital will in turn drop a lawsuit it filed against Leibovitz in New York State Supreme Court in July. The new arrangement extends the loan’s maturity date, and Leibovitz will continue to control the assets only “within the context of the loan agreement,” the sides said.The loan had originally been due Sept. 8, but the day passed without word of further legal action from Art Capital, or, as some had predicted, a bankruptcy filing from Leibovitz. Representatives for both parties declined to comment on further details of the extension, such as the new maturity date.
“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,” Leibovitz said. “I also want to thank my family, friends and colleagues for being there for me and look forward to concentrating on my work.”
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)