Posted on 02/25/2009 7:42:34 PM PST by dennisw
Photographer Annie Leibovitz has borrowed £10million against some of her most famous pictures to pay the mortgages on all her homes. The artist, 59, has become so concerned with her mounting debt, accumulated on properties she inherited in 2004 after the death of her lover Susan Sontag, she has turned to a company that lends money with fine art as collateral.
Documents seen by the New York Times reveal she secured the funds by giving the company, Art Capital, ownership of all her work - past and future - until the loan is repaid.
Ian Peck, a co-owner of Art Capital, said Leibovitz was not alone in choosing to use her work to raise money at a time when share portfolios are plunging and homes have no equity left to borrow against.
'What's amazing is that individuals and institutions who previously we thought were untouchable are being deeply affected.
Leibovitz has shot Michelle Obama for this month's cover of U.S. Vogue magazine 'People who were truly enormous financially are now scrambling,' he said. But he said many people found it very difficult to part with art work during times of hardship: 'It's akin to giving up your home, particularly for people who have built up collections over many years. People don't feel emotionally about stocks and bonds, but they certainly do over art.'
His company, dubbed an art pawn shop, issues loans
The company has recently taken in - and put into secure and climate-controlled specialist art warehouses for safekeeping - pieces by Willem de Kooning, Mark Rothko, Andy Warhol, Henry Moore and Picasso.
Clients have also borrowed against vintage film posters, antique teddy bears and valuable scientific instruments.
(Excerpt) Read more at dailymail.co.uk ...
Times is tough all over!!
Cry me a river.
Great photographer. Intersting. Thanks for posting.
She lived beyond her means stuid women love most of her work
Uh hello??? Obama is President now. She didn’t have to do that. She must feel like a dolt.
I’m not posting her photos because I know you cruel bas****s would render a guilty verdict
Why doesn't she just sell some of the properties?
Why doesn't she just sell some of her photos?
Why doesn't she find another sugar mommy?
Great photographer. Intersting. Thanks for posting.................
She’s been around a long time.
I hadn't known she was the "partner" of Sontag the Nutbag.
That explains a lot.
In the body, the word is in the plural.
Sell some of the properties you lunkhead!
Why not sell it. It’s not like she can take it with her and you can’t pay a mortgage by looking at pictures.
*Eeew!* in every possible detail—including the idea that crap modern art has any value as collateral anyway.
nice photog....lousy financial steward
She’s taken some decent photos......I don’t understand how they equate to $14 million but, what do I know...
Wouldn’t it be a lot easier to sell the property?
I didn’t realize she was gay.
She does nice photos.
...she has turned to a company that lends money with fine art as collateral.
Hah? Her photos are considered fine art???
And people consider it collateral???
Talk about a scam.
Why doesn't she just sell some of the properties?
Why doesn't she just sell some of her photos?
Why doesn't she find another sugar mommy?
My guess is this financial disaster hit her by surprise....
She pawned her artworks to buy some time.... just buying some time
She will do all you mention plus work real hard to resolve it in a more favorable way tham just dumping stuff to raise cash
Where are her Hollywood friends?
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