American portrait photographer Annie Leibovitz, known for her iconic images of celebrities, has borrowed $15 million in exchange for the copyright, negatives, and contract rights of all her work—past and future—until the loan is repaid.
The New York Times reported today that the artist, who's been drowning in mortgage debt, borrowed more than $15 million from Art Capital Group, a company that assists art owners in creating liquidity from art assets. Sounds more like a glorified pawnshop.
Some of the images used for collateral include the infamous photo of a naked and very pregnant Demi Moore, the controversial picture of tween star Miley Cyrus for Vanity Fair , and images of first lady Michelle Obama used by the same magazine.
Leibovitz also put up for collateral several houses, including townhouses she owns in Greenwich Village and a country house.