277 WOLFE GETS GETTY STOCK FOR PHOTO RIGHTS
January 7, 2000
Art Wolfe has once again demonstrated his legendary business prowess in the photo
industry. This time it is by acquiring and selling Getty shares, rather than
On December 15, 1999 Art Wolfe sold 7,587 shares of Getty Images stock that he
had received in "Payment for Photo Rights" a year earlier. When Wolfe acquired
the shares he traded photo rights that were valued at $100,000 for them.
According to his report to the SEC filed under rule 144 of the Securities Act he
received $312,000 for these shares. A tidy profit.
Early in 1999 rumors were floating in the industry that Wolfe had transferred to
Getty Images all rights for seven years to 150 catalog images for ú450,000
(approximately $700.000). This would have given Getty some very marketable
images that were, in effect, wholly owned. It appears that, instead of cash,
Wolfe got shares valued at $13 1/8 per share at that time. That work out to
about $4,670 per image at the time.
However, with the recent rise in Getty stock those seven year licenses that he
sold netted Wolfe close to $15,000 per catalog image.
At the $13 1/8 share price, Wolfe probably received something in the neighborhood
of 53,800 share for the rights to his images. Consequently, his 7,587 share sale
were only a small part of his total holdings. It is likely that he is still
holding at least 46,000 shares worth about $2.3 million at today's price of