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Photographer Annie Leibovitz pawns her life's work for a £10m loan to pay her mortgage
http://www.dailymail.co.uk/news/worl...-mortgage.html
I'm going to be art pawning my Elvis Velvet Painting (circa 1975) in order to raise funds to pay my portion of the Bailouts.
elvis.jpg
His company, dubbed an art pawn shop, issues loans of $500,000 (£350,000) or more at interest rates from 6 per cent to 16 per cent. Art becomes subject to sale if owners default.
The company has recently taken in - and put into secure and climate-controlled specialist art warehouses for safekeeping - pieces by Willem de Kooning, Mark Rothko, Andy Warhol, Henry Moore and Picasso.
Clients have also borrowed against vintage film posters, antique teddy bears and valuable scientific instruments.
Mr Peck said only about one in ten of the deals end in default: 'Our aim is to avoid defaulting at all costs. Given the trouble involved in a default, it's better karma and business not to.'
The company has recently taken in - and put into secure and climate-controlled specialist art warehouses for safekeeping - pieces by Willem de Kooning, Mark Rothko, Andy Warhol, Henry Moore and Picasso.
Clients have also borrowed against vintage film posters, antique teddy bears and valuable scientific instruments.
Mr Peck said only about one in ten of the deals end in default: 'Our aim is to avoid defaulting at all costs. Given the trouble involved in a default, it's better karma and business not to.'
I'm going to be art pawning my Elvis Velvet Painting (circa 1975) in order to raise funds to pay my portion of the Bailouts.
elvis.jpg
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