Annie Leibovitz Pawns Copyright to Life’s Work to Pay Debts
Annie Leibovitz, the renowned New York photographer who has taken portraits of the Queen, has pawned the rights to her life’s work in order to raise nearly $16 million to pay off her debts.
Last autumn, the noted photographer famed for her iconic images of Hollywood and Washington personalities, borrowed $15.5m (£10.8m) from Art Capital Group, a Manhattan lender.
Leibovitz secured the loan partly against properties she owns in New York, but also by putting up the copyright, negatives and contract rights to every photograph she has ever taken or will take in future as collateral, according to the New York Times, which cited documents filed to the city.
How in the world do you get yourself $16 million in the hole as a photographer?