Last fall, Annie Leibovitz, the photographer, borrowed $5 million from a company called Art Capital Group. In December, she borrowed $10.5 million more from the same firm. As collateral, among other items, she used town houses she owns in Greenwich Village, a country house, and something else: the rights to all of her photographs.

In other words, according to loan documents filed with the city, one of the world’s most successful photographers essentially pawned every snap of the shutter she had made or will make until the loans are paid off.

“It’s very discreet,” said Ian Peck, a co-owner of Art Capital.

This little-known corner of the art business is lightly regulated and highly litigious. But this has not dissuaded clients who have included rich collectors like Veronica Hearst, art galleries and prominent artists themselves, including Ms. Leibovitz and Julian Schnabel.

[New York Times]