Photography Market
Artprice.com (excerpt)
November, 2005
Today, in November 2005, prices are three times higher than in 1995, which is the equivalent of an average annual progression of 11.9% over the period. This makes contemporary photography one of the most buoyant segments of the photography [art]market.
The recent burst of price inflation in the photography segment began back in 1999 with the Jammes sale of old photographs and later spread to contemporary clichés. Today the entire "modern photography" market is caught up in the movement. In New York, one record is followed by another.
From 17 to 20 November 2005, at the Carrousel du Louvre, Paris Photo - the most important global art photography fair - will draw 40,000 visitors and host 106 exhibitors. Since the first edition of this event in 1997, the Paris Photo fair has become the primary commercial rendezvous dedicated to photography. All types of photographic expression will be represented at the fair, ranging from historical pieces from the 19th century to contemporary photography. This year the fair will take place just one month after some particularly dynamic sales. In New York, at seven sales over the 6-12 October period, Sotheby’s, Christie’s and Phillips generated a combined turnover of USD 28.9 million, an unprecedented figure in the photography segment.
Contemporary photography: the boom of American photography
In the mid-1990s, paintings were the only medium in the art market that investors considered of any speculative interest. However, the combination of increasing demand and artistic renewal has made other artistic media - such as photography – equally attractive from a financial point of view.
In 2004, 2,000 contemporary photographs changed hands for a total of EUR 29 million. In 1995, this segment of the market consisted of only 350 clichés that generated a total turnover of EUR 1.4 million. The increase in the volume of photographs exchanged was accompanied by a sharp rise in prices. Today, in November 2005, prices are three times higher than in 1995, which is the equivalent of an average annual progression of 11.9% over the period. This makes contemporary photography one of the most buoyant segments of the photography [art]market.
Here are some of the auction records recently set by this segment of the market. In New York, numerous records are being generated by American photographers. The sale of Baronne Lambert's collection at Phillips on 8-9 November 2004 accounted for a good number of these records. Among the most spectacular were the bids for works by Charles Ray (USD 470,000), Cindy Sherman (USD 420,000) and Mike Kelley (USD 360,000). At Sotheby’s, America's Richard Prince set a new record for a contemporary photograph with his triptych Women Looking in the Same Direction (1980) that went under the hammer for an impressive USD 650,000. Prince's prices have risen 741% over the past ten years. For example, The Entertainment Series: Russell sold for USD 75,000 in 2004 compared with only USD 11,500 in 1993. Also, there is the recent Robert Mapplethorpe record: USD 300,000 for American Flag set on 12 October 2005 at Christie’s New York.
The record for a contemporary photograph is actually held by Richard Prince. His Cowboy, a symbol of the Marlboro advertising campaigns, was auctioned US$1.1 million at Christie's during its contemporay art sale on November 8, 2005.
While the market for American photographers has been booming, it has been a very different story for Germany's top photographers. Some, such as Thomas Ruff, Thomas Struth or Bernd & Hilla Becher have seen their price indexes depreciate by between 24% and 44% in 2004. Andreas GURSKY, one of the most in-demand artists on the market with his Untitled V, fetching USD 560,000 at Christie’s London in February 2002, is one of the rare exceptions to this trend. After a weak spot in 2003, his price index rose 19% in 2004.
The contemporary photographs exhibited in auction rooms in France are much less sought after than those offered in New York. And when the artist is very well known … there are always a large number of prints available. Whereas in New York one needs to spend an average of EUR 21,688 on a contemporary cliché, in France the average price is EUR 2,869. Among the photographers with the highest profiles at French auctions there a several Americans, with Nan Goldin being the most visible. Between 15 and 20 of her prints come up for sale every year in Paris. In order to acquire one of her 1 metre wide cibachrome prints – in a series of 25 copies – one would expect to pay between EUR 4,000 and EUR 8,000. When the price is set above the EUR 10,000 mark, the piece in question is often bought in, and Goldin's price index has in fact contracted by 30% since 2000. For example, a print from a series of 25 entitled Anthony by the Sea, Brighton, England sold for EUR 10,200 at Wapler in Paris last March compared with EUR 14,178 in 2001 at Cornette de Saint-Cyr (also in Paris). The Parisian auction houses rely mainly on Bruce Weber, Cindy Sherman, Robert Mapplethorpe, Vanessa Beecroft or Vik Muniz to generate business on the photography segment. Nevertheless, to illustrate the price differential, the most expensive Robert Mapplethorpe print ever sold in Paris, Femme dénudée, a silvered print (50.2 x 40.3 cm) numbered 2/10, went for only EUR 3,200 in 2004.