PHOTOGRAPHY MARKET TRENDS
At a seminar held in London in September 2009 organised by ArtInsight three London-based photography market experts from a fund, a gallery and a major auction house shared their views on the most promising opportunities and interesting trends in photography today.
We attended the seminar and have teased out surprising facts and intriguing assertions for you to mull.
Background to the photography market
- First photography auction was held in 1971 initiated by Sotheby’s.
- Over the past 15 years, this medium has out-performed every other major medium including sculpture, prints, painting and sculpture.
In its early history this sector of the art market encountered resistance with buyers concerned that the works were not unique and therefore were not a viable investment. The development of controlled limited editioning in the seventies helped allay fears and the market saw steady but modest growth.
This all changed in 1989/1990 which marked the 150th anniversary of the introduction of photography and the market experienced a 45% leap in sales. Further steady growth marked the next 15 years until 2005 after which sales took off. 2006 saw the highest price ever paid for a photograph …US$2.6m.
- Today photography accounts for 2% of total auction sales compared with 75% for painting and 11% for drawing and watercolour.
- Photography has proved to be one of the least volatile sectors in the art market.
- 9 photographs have broken the US$1m level including work by Japanese-American Hiroshi Sugimoto.
Why has interest in and sales of photography increased?
Nobody know for sure but various reasons have been offered including relative affordability, the introduction of controlled editioning, a loyal customer base and increased market transparency.
There is growing interest and, arguably, opportunities in the following four subsectors of photography:
- fashion and celebrity photography
- reportage-style photography
- phot0graphs recording ephemeral art forms such as performance art and land art
- “slice of life” photography – a vernacular style dealing the everyday real life as its subject
Brett Rogers of the Photographers Gallery noted the development of a sub-genre she called “constructive fiction” which blurs the boundaries between fact and fiction crossing the techniques of the photo-journalist and fine artist.
In an interesting twist she forsees gains for collectors of photography books and advises buying first editions and examples of rare, early books. Explaining that books usually feature the very best of an artist’s work, photography books can deliver enormous joy as well as potential financial dividends.
Matt Carey-Williams, Director of Christies Post-War and Contemporary Art recommended photographs from the 1930s to 1950s – a seminal period in the development of photography as an art form – and which he believes are “massively undervalued”.
Global opportunities in photography
During question time, the panel was asked where they saw opportunities in emerging countries and the following recommendations were made.
- Visit Sharjah and Biennial and Art Dubai to see interesting work from the Middle East and Iran.
- Explore Central Asian countries.
- Korea has huge potential.
- Female Indian artists are producing some interesting work.
It was agreed that Chinese photography seemed “a little old” though Matt Carey-Williams said that it would look “remarkably fresh again in twenty years”.
Current challenges facing the market
Conservation of photographs– One of the most pressing challenges today is developing guidelines for acceptable conservation work. Colour photographs fade and some artists and galleries will ”refresh” (reprint) the works and some refuse. As museums are beginning to collect contemporary photography on a large scale, panellists felt that it was likely that this issue would be resolved
Is photography a separate genre? – Recognising that artists now work in many media. there are questions about whether it is appropriate or useful to dedicate parts of the market such as galleries or funds exclusively to photography. Matt Carey-Williams explained that as an auctioneer he regards artists as artists first and photographers second. Brett Rogers noted that this trend away from a specialisation in photography is due to a change in the way art schools teach. A consequence of a broadening of focus though is that less attention is given to technique. Image is more important than technique for young photographers today.
(Editor’s note: It is may also be a sign of market maturity – specialist focus marketing and promotion is necessary for an emerging section of the market. Today many if not most contemporary art galleries show photography as a matter of course. Just as photography is integral to and fully-accepted in today’s art world on equal terms with other media we at Art Radar are looking forward to the day Asian art is given equal weight with other geographies in art media and we can drop Asia from our name).
- Surprising new direction taken by Saatchi stars Sun Yuan and Peng Yu – interview – Sep 09 – Chinese artists discuss their version of “slice of life” photography on show in HK
- Abu Dhabi art – a major new art calendar event just announced – July 09
- Hiroshi Sugimoto – 4 fascinating video interviews – May 09 – see his fact merging with fiction work in his photographs which mimic paintings of real historical figures
- Who are the top artists at art fairs?– Mar 09 – The extent to which Asian artists is excluded is painfully evident and explains why Art Radar chooses to focus on Asian art in a small attempt at redress.
- Making the art market transparent – the Artprice story video – Apr 09
- Sotheby’s inaugural sale of contemporary Turkish art – video of 5 artists – Feb 09 – Nasif Topcuoglu is a photographer who reconstructs Baroque paintings with contemporary youths replacing the original figures – a good example of the trend of crossing fact and fiction.