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. The images include those taken for the 1981 Rolling Stone front cover of John Lennon and Yoko Ono shot on the day of Lennon's death, the photograph of a naked and pregnant Demi Moore, images of Michelle Obama for Vanity fair and of a semi-nude singer and actress Miley Cyrus taken for the same magazine.
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.
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. The images include those taken for the 1981 Rolling Stone front cover of John Lennon and Yoko Ono shot on the day of Lennon's death, the photograph of a naked and pregnant Demi Moore, images of Michelle Obama for Vanity fair and of a semi-nude singer and actress Miley Cyrus taken for the same magazine.
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.
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