RSS
Home
Annie Leibovitz pawns past, present and future images for loan
Print
Email
RSS
Subscribe
AP Photo/David J. Phillip
Annie Leibovitz, in the rough equivalent of visiting a very sophisticated pawn broker, has received a loan from Art Capital by putting up the copyright, negatives and contract rights to every photograph she has taken in the past or will take in the future as collateral. She has also put up an undisclosed amount of property to secure $15 million in loans from the company, which specializes in loans that use fine art as collateral.
It is a sign of the times that Leibovitz, a hugely successful photographer, needs to take out such a large loan and also put up as collateral what many consider to be iconic images of the twentieth century. Companies like Art Capital have accepted works of great masters (including Picaso, Warhol and Ernst Haas) as collateral in the past, and oddly, this transaction may actually affirm her place among them.
At the very least, it confirms their value. This cannot be a decision that she has entered into lightly and I expect that over the next few years we will see more of Leibovitz's work and potential higher fees from her as she moves to pay down the loan. The value of owning your own work is immeasurable and while the loan is potentially for 10, 20 or more years, it will certainly be a relief to her to reclaim them as her own, especially with future work pawned as well.
Related Articles:
Comments
