Photographer Annie Leibovitz takes out hefty loan using her art as collateral

Famed celebrity photographer Annie Leibovitz has secured a $15 million loan from a United States firm, using the copyright, negatives and contract rights to all of her work as collateral.

The New York Times reported earlier this week that Leibovitz, whose glamorous photographs include John Lennon and Yoko Ono in the nude, Queen Elizabeth and First Lady Michelle Obama, has turned asked the Art Capital firm for a two-time art-for-money loan.

According to the report, Leibovitz has pawned off the rights to every photograph she has ever taken and plans to take in the future until her loans are paid off.

Her recent financial difficulties are attributed to the high litigation costs involved in the renovation of a Manhattan studio which she has since relinquished, as well as the death of her former partner, Susan Sontag, and some professional lawuits filed against her.

Art Capital revealed following the report that in asking for its help, Leibovitz has joined a growing number of wealthy celebrities facing dire straits amid the global financial meltdown.

"What's amazing is that individuals and institutions who previously we thought were untouchable are being deeply affected," Ian Peck, joint owner of Art Capital, told The Guardian this week. "People who were truly enormous financially are now scrambling."

The firm reported that its clientele base has risen by 30% to 40% since the economic crash began last fall.

Art Capital said it is expecting to make about $120 million in art-for-money loans this year, compared to $80 million in 2008.