Money...And Annie

I'm drawing a deep, cleansing breath...my part in book corrections for Quilts of the Golden West is about done. It will very soon be time for my newest 'baby' to flap its little wings to the printer.

Seriously, it's looking terrific. And in some ways, different from any other quilt book I've done -- or, quite frankly, seen. It really mixes the history in with the patterns, but it also talks about the ways quilters discuss money in their work! Book's coming out early this fall. I think you'll like it.

Noticed this remarkable post from J.D. at Get Rich Slowly about things you wish you'd learned when you're younger. Don't miss the comments, especially.

The million-dollar question is, though: would I have listened?

I'm guessing photographer Annie Liebovitz is wishing that right now. She's up to her eyebrows in hock to a sort-of-fancy-pawn-shop-for-artists called Art Capital. She borrowed the money (about $15.5 million) after some financial problems, but apparently didn't think what she would do if she couldn't pay them back.

Read more about Annie's predicament here. The loan is supposed to be repaid (in full) next month. Good luck.

What was the collateral? Some homes; hard, but livable. What's worse: the rights to her photos -- past, present and future. The New York Times said, “One of the world’s most successful photographers essentially pawned every snap of the shutter she had made or will make until the loans are paid off.”

What in the world would have been so important for her to gamble away her lifetime's work? Why in the world would she think that Art Capital wouldn't go after her, if she reneged on repayments? (And from what I've read, the interest rate is steeeep... up to 16% or so.)

On the other hand, I have no clue why Michael Jackson would have done basically the same thing...only he put up a substantial share of his brilliant purchase of all the Beatles rights. Stupid, stupid, stupid.

Now Annie's being sued for $24 million, partly because she just entered into a meaty contract with Getty Images -- without giving Art Capital its cut. Did she think they wouldn't notice?

* * * * * * * *

UPDATE: Apparently, Liebovitz got herself partly in trouble when her p---Susan Sontag died. (Ironically, I cannot use this word because if I do, strange inappropriate ads start showing up on this blog! How ironic can you get...) And Annie could not bring herself to give up any of the residences she inherited from Sontag. Even though she couldn't afford them all. Plus -- she was also dealing with extensive renovation work, and lawsuits from a photographer and stylist she'd hired. Maybe not the lawsuit, but these things are all elective stuff -- you can choose not to do them. Try to hang onto everything, especially when you don't have the money...and you lose it all. Sadly enough.