Leibovitz Needs to Pay Up or Lose Everything

Annie Leibovitz's famous photography of celebrities could end up belonging to a postcard company if she doesn't pay her $24 million debt to Art Capital Group by Sept. 8.

Leibovitz is known for her photographs that graced the covers of magazines like Vanity Fair and Rolling Stone, writes DigitalJournal.com. These photos are considered fine art and are worth more to her than anything. However, she put every one of these works of art up for collateral when she borrowed $24 million from the art finance company, Art Capital Group.

The artist will lose the copyrights to her work to Art Capital Group, who could sell them to someone who wants to turn them into postcards or something equally tacky.

Leibovitz also owes money from lawsuits, loans on her houses, and taxes, reports the Associated Press. Art lawyer Peter Stern has said that her best option may be bankruptcy.

According to the L.A. Times, supporters of the iconic photographer have said that she didn't know what she was signing away when she made the deal with Art Capital Group. "Artists like her generally don't do it for the money," said an editor of Vanity Fair.

Leibovitz is currently in talks with Art Capital Group about a possible extension on her loan.