It certainly isn't new for artists and photographers to sell or auction their work when they need extra cash, but Annie Leibovitz has placed all of the rights to her photography as collateral for two multimillion-dollar loans from Art Capital Group.
Annie Leibovitz borrowed $5 million from Art Capital Group last fall; in December she borrowed another $10.5 million. Sources close to Leibovitz told the New York Times that the loan funds were used to "pay off mortgages and deal with other financial stresses." In addition to her entire catalogue of iconic photography, Leibovitz also used a country house and multiple Greenwich Village townhouses as collateral.
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