The "Arts Beat" of The New York Times is reporting today that Annie Leibovitz and Art Capital Group have reached an agreement that will prevent immediate foreclosure of the photographer's $24 million loan. She's gotten back the right to sell her own properties and to sell the rights to her pictures. The loan isn't settled—it will still have to be repaid—but crunch time's been put off to some unspecified future date.
The article isn't particularly in-depth and doesn't say much more than the preceding paragraph, but here's the link.
End news, begin opinionation: I've read a whole lot about this case now, and I must say that the more I read, the more I think Annie Leibovitz simply got caught in a bad place when the housing market crashed like a whole bunch of other people did. If the real estate market hadn't tanked in 2008 and taken big whacking chunks of the banking and financial systems down with it, we probably never would have heard about any of her travails because she wouldn't have been in any trouble. It's quite possible, even likely, that she was proceeding rationally based on the assumptions that prevailed at the time. But she didn't know what was coming any more than anyone else did.
In fact, I've begun to come around to the opinion that most of the breast-beating and cluck-clucking and tut-tutting in the press (okay, this site included, as far as it went) about how irresponsible she is and how she mismanaged her finances, etc., really amounts to nothing more than ordinary everyday sexism and, um, "artism"...okay, oww, sorry about that, but you might know what I mean—the prejudice that all artists are flaky and devoid of common sense. I'm not convinced, any more, that any of that is really warranted. A lot of people got caught in a bad place when the housing market crashed. Maybe Annie's problems were simply on a bigger scale—and a bigger stage.
(Thanks to Christopher Lause)