"Sorry about the financial problems, Annie, but we can't pay you for this."
In the wake of Annie Leibovitz’s recent near-bankruptcy, I thought it might be worth taking a look at the current intersection of bankruptcy and the art world.
1. Starting with Annie Leibovitz, the media has been reporting that a recent Obama family photo portrait was done by Leibovitz right before she worked out a deal to stave off bankruptcy. It’s not clear there’s a connection, however, as White House officials stated that Leibovitz was not paid for the portraits. Read this article on the L.A. Times Blog for more details.
2. Next we go to the auction of Lehman Brothers art. On November 1 in Philadelphia, Freeman’s will be auctioning off 700 pieces of art from Lehman’s collection. Go here for the article from Business Insider. And go here to see the actual pieces of art that are up for sale.
3. The Deal has an interesting article on all the art now on the market as a result of various bankruptcies. The article leads with, “Art collectors have bankruptcy to thank for three upcoming auctions,” and proceeds to give the juicy details and highlights for each of the auctions.
Clearly art has its role in the world of bankruptcy. And not just because of all of the starving artists out there (most of whom are likely judgment proof).
If you’re contemplating bankruptcy in New york or facing financial struggles, and you’re looking for an experienced bankruptcy artist to guide you through the process, please feel free to contact me for a free initial consultation.
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