For all the recession-led moaning ahead of the Cannes Film Festival, the film business appeared to be alive and on the upswing.
Across the board, Hollywood dealmakers in Cannes said that business was brisk, from international sales in the marketplace to new private investors looking to place money in filmmaking to institutional financiers returning to the game.
Union Bank of California and Comerica came in force. A New Jersey billionaire looking to get into the film industry cut a swath, serially holding court with film producers who were eager to sign up for his cash.
“We’re seeing the first sign of health come back to the market in 18 months,” said Graham Taylor, co-head of Endeavor Independent. “You have to walk before you can run, but it feels like we’re starting to see upticks that will strengthen over the next several quarters.”
That’s not to say that the economic downturn wasn’t noticeable. Vanity Fair’s bash was cancelled, and by all accounts hotels were a bit less crowded, reservations slightly easier to come by.
But like the premonitions of doom ahead of this year’s Sundance Festival, Cannes turned out to be a place where people did business. Weinstein Company executives said they closed $50 million in foreign sales at the festival, not including those for its upcoming star-studded, musical extravaganza, “Nine.”
Sony Pictures Classics bought no fewer than three films, including the Palme d’Or winner “The White Ribbon,” the crime thriller by director Jacques Audiard in Arabic, French and Corsican, “A Prophet,” and the story of a love affair between, as the title suggests, “Coco Chanel and Igor Stravinsky.”
In every case, executives said buying prices were very modest, in the $200,000 to $300,000 range.
“I think the whole marketplace underwent a major correction,” said Jonathan Sehring, President of IFC Entertainment, who also bought several films. “I think you truly got the best films ever coming out of Cannes. We bought two that have the potential for making money.”
IFC bought “Looking for Eric,” a warm comedy from Ken Loach about a middle aged British postman visited by an apparition of the soccer star Eric Cantona (many said the film would have to be dubbed, or subtitled, in English, to be understood by American audiences). Sehring also bought “Antichrist,” an experimental and hotly debated film by Lars von Trier. Both will be released in late 2009 or early 2010.
There was similar enthusiasm among sellers.
“We’re very excited, we’re selling out our international,” said a senior Weinstein executive, who asked not to be identified. “People are buying movies one year out, and one and a half years out. Our buyers want more product.”
Taylor said Endeavor’s 25 or so films closed between $140 and $170 million in business at the festival.
