Annie Leibovitz won a temporary reprieve from lenders on Friday, resolving a legal battle that would have stripped her of her life’s work.

The Vanity Fair photographer, renowned for her lavish production budgets and definitive portraits of public figures ranging from John Lennon and Demi Moore to Queen Elizabeth, defaulted on a $24m (£14m) loan from Art Capital Group on Tuesday, putting the fate of her archive of famous portraits in jeopardy.