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(Artists in hock) Photographer Annie Leibovitz pawns her life's work to pay her mortgage
dailymail.co.uk ^ | 6:50 PM on 25th February 2009

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: leibovitz
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1 posted on 02/25/2009 7:42:35 PM PST by dennisw
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To: dennisw

Times is tough all over!!


2 posted on 02/25/2009 7:43:02 PM PST by dennisw (Archimedes--- Give me a place to stand, and I will move the Earth)
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To: dennisw

Cry me a river.


3 posted on 02/25/2009 7:43:57 PM PST by getmeouttaPalmBeachCounty_FL (****************************Stop Continental Drift**)
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To: dennisw

Great photographer. Intersting. Thanks for posting.


4 posted on 02/25/2009 7:44:22 PM PST by PGalt
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To: dennisw

She lived beyond her means stuid women love most of her work


5 posted on 02/25/2009 7:44:38 PM PST by al baby (Hi mom. I love sarcaism)
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To: dennisw

Uh hello??? Obama is President now. She didn’t have to do that. She must feel like a dolt.


6 posted on 02/25/2009 7:44:39 PM PST by exist
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To: dennisw

I’m not posting her photos because I know you cruel bas****s would render a guilty verdict


7 posted on 02/25/2009 7:44:45 PM PST by dennisw (Archimedes--- Give me a place to stand, and I will move the Earth)
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To: dennisw
So many directions to go with this one.

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?

8 posted on 02/25/2009 7:44:54 PM PST by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all. -- Texas Eagle)
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To: PGalt

Great photographer. Intersting. Thanks for posting.................

She’s been around a long time.


9 posted on 02/25/2009 7:45:37 PM PST by dennisw (Archimedes--- Give me a place to stand, and I will move the Earth)
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To: dennisw
"after the death of her lover Susan Sontag"

I hadn't known she was the "partner" of Sontag the Nutbag.

That explains a lot.

10 posted on 02/25/2009 7:45:45 PM PST by ChicagahAl (Don't blame me. I voted for Sarah.)
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To: dennisw
Notice in the headline the word "mortgage" is in the singular.

In the body, the word is in the plural.

Sell some of the properties you lunkhead!

11 posted on 02/25/2009 7:45:52 PM PST by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all. -- Texas Eagle)
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To: getmeouttaPalmBeachCounty_FL

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.


12 posted on 02/25/2009 7:46:09 PM PST by Blood of Tyrants (The problem with socialism is that you eventually run out of other people's money. Margret Thatcher)
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To: dennisw

*Eeew!* in every possible detail—including the idea that crap modern art has any value as collateral anyway.


13 posted on 02/25/2009 7:46:11 PM PST by SamuraiScot
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To: dennisw

nice photog....lousy financial steward


14 posted on 02/25/2009 7:46:28 PM PST by PfluegerFishin
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To: dennisw

She’s taken some decent photos......I don’t understand how they equate to $14 million but, what do I know...


15 posted on 02/25/2009 7:47:08 PM PST by Psycho_Bunny (ALSO SPRACH ZEROTHUSTRA)
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To: dennisw

Wouldn’t it be a lot easier to sell the property?


16 posted on 02/25/2009 7:48:14 PM PST by truthkeeper (It's the borders, stupid.)
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To: dennisw

I didn’t realize she was gay.

She does nice photos.


17 posted on 02/25/2009 7:48:19 PM PST by autumnraine (Freedom's just another word for nothing left to lose- Kris Kristoferrson VIVA LA REVOLUTION!)
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To: dennisw
Photographer Annie Leibovitz pawns her life's work...

...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.

18 posted on 02/25/2009 7:49:04 PM PST by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all. -- Texas Eagle)
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To: Texas Eagle
So many directions to go with this one.

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

19 posted on 02/25/2009 7:49:04 PM PST by dennisw (Archimedes--- Give me a place to stand, and I will move the Earth)
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To: Blood of Tyrants

Where are her Hollywood friends?


20 posted on 02/25/2009 7:49:34 PM PST by getmeouttaPalmBeachCounty_FL (****************************Stop Continental Drift**)
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