I came across an interesting article today about Annie Leibovitz in the New York Times, talking about how she has used her entire collection of photographs as collateral for some $15 million worth of loans. I cannot imagine 2 things: Ever needing $15M, nor ever having photography worth that much to use in that way.
Most people would typically use homes, cars, and other assets to secure a loan, but Leibovitz felt confident enough to borrow against her life's work.
Apparently she is not the first, and will not be the last artist to make this a regular practice. A company called Art Capital Group makes this possible everyday for artists, giving loans of $500,000 and up at interest rates from 6%-16%. If the borrower can't pay? They keep the art work, display it, and sell it.
What are your thoughts? As an artist would you risk your work (and all rights to it) for a loan? Is there a better way?
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