Annie Leibovitz is in trouble...
Annie Leibovitz is pawning her portfolio and copyright of her existing catalogue as well as the rights to all her future work.
The world famous photographer did this for the amount of £10m.
From The Guardian:
"The photographer has turned to a company called Art Capital that specialises in lending money with fine art as the collateral. The New York Times disclosed yesterday that Leibovitz has borrowed about $15m (£10m) from the firm in two tranches.
Records show she secured the loan partly against property, but also by putting up as collateral the copyright, negatives and contract rights to every photograph she has ever taken or will take in future until the loans are paid off."
From the NY Times :
"In other words, according to loan documents filed with the city, one of the world’s most successful photographers essentially pawned every snap of the shutter she had made or will make until the loans are paid off."
(Image by Annie Leibovitz for Vanity Fair)
