The Bottom Line
World-famous photographer-of-the-stars Annie Leibovitz is $24 million in debt and faces two lawsuits and a $1.4 million tax lien, according to a recent New York Times article. Although sources and friends said she wasn’t living a lavish personal lifestyle, a series of business missteps and personal tragedies got her off her fiscal game. There were two fascinating quotes that point to the lessons to be learned. The first comes from long-time Leibovitz associate and Vanity Fair editor Graydon Carter, who noted, “The mind that can take these extraordinary pictures is not necessarily the same mind that is a perfect money manager.” The other comes from celebrity debt counselor Jerrold Mundis who observed, “Celebrity or even a spectacular talent doesn’t proof one against a problem with debt.” [NY Times, Jul 31, 2009]
Core skills as an artist are not the same as business skills; gifts and talents in one realm do not guaranty success in the other. Focus on your strengths, delegate your weaknesses to professionals, monitor their work, and enjoy your success.
BOTTOM LINE: Ignore the business of arts at your own risk.