Thursday, February 26th, 2009
Leibovitz pawns copyright to pay debts
Annie Leibovitz gives up rights to her work – Renowned photographer Annie Leibovitz has pawned the rights to her work to help pay off her debts.
World famous photographer Annie Leibovitz has given away the rights to her negatives and contract rights so she could receive a loan to pay off her debts.
According to the New York Times the photographer borrowed $15.5m (£10.8m) from Art Capital Group in New York. The paper says the loan is to pay off mortgages as well as other financial worries.
Reports suggest the Art Capital Group expect to make around $120m (£83.3m) in art-related loans this year.
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