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Annie Leibovitz and her mortgages

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  • Annie Leibovitz and her mortgages

    I don't if you have seen this piece where Annie Leibovitz uses her photos as collateral to borrow $10 Million to pay her mortgages.

    What caught my eye was this statement:
    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.
    All her work? Past and future until the loan is fully repaid?

    I'm not an expert in these matters, but is this common for an artist to "hawk" all future works until a loan is repaid?

    Does this mean that at least as of now, she no longer has control over the usage of all her famous pictures since, technically, it is the lender that now "owns" those works?

    What are your thoughts?

  • #2
    Re: Annie Leibovitz and her mortgages

    I have seen other threads on this on other forums and it seems that what she has done is more like placing a lien on a house. She still owns the work, still controls its usage, but if she does not make the payments they will own it.

    The one part that strikes me as kind of funny is the part about future work. I would not loan you much on work you may or may not do next month or next year. Unless you could show me some kind of ironclad contract for that work and in todays economy, how much is a contract with some company really worth?