A factual matter regarding the Leibovitz story. Goldman wrote in regard to a loan agreement that Leibovitz entered into with a company called Art Capital that, "Under the terms of the agreement, says a person familiar with the loan, Art Capital could be entitled to up to 22.5 percent of all the proceeds from the sale of any of Leibovitz’s work-even for two years after she’s paid off the loan. And that percentage could increase to close to 50 percent if she were to default." New York Magazine has since learned that those numbers were erroneous. The actual commission rates on the sale of the collateral underlying the loan are 10 percent on Leibovitz’s real estate and 15 percent on the sale of her work. In the event Leibovitz defaults on the loan, a default commission of 25 percent, and after costs as low as 14 percent, would be realized. New York regrets the error. Link
