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Contemporary photography: prices surge in this more selective and transparent market [06/13/2002]
In a market segment which attracts young collectors hammer
prices rise and fall in line with sales. Despite being
a particularly unstable market, contemporary photographers
have commanded steadily rising prices in recent years.
But prices are still influenced by economic swings and
speculation. The talent of these artists is not yet rooted
in art history or in the market. Selection is particularly
tough. The current craze among collectors has made stars
of many young photographers…but how many will retain
their new-found status? The exceptionally high prices
reached by some are no guarantee that these will be lucrative
investments in the long term. On the other hand, in the
very short term, market prices fluctuate so much that
many photographers can yield big profits. As with Cindy SHERMAN (a leading figure in plastic photography) prices
can double in a year before suddenly plummeting. Since
most contemporary photographers have been present on the
secondary market for only a short time, inferring an accurate
synthetic price for these young artists is a risky business.
Between June 1997 and June 2002, prices for contemporary
photography rose by 140%, making it one of the fastest-growing
segments in the art market. Rising prices for contemporary
photography boosted turnover in the segment tenfold over
the same period. The top selling photographic artist in
2001 was Andreas GURSKY (46). After a series of groundbreaking
sales at auction he exemplifies the current enthusiasm
for contemporary photography among American collectors.
In February 2002 his Untitled V fetched a record
EUR 635,263 (GBP390,000) at auction - double its highest
estimates - graphically confirming investor confidence
in this artist. This proved the trigger for a string of
record sales by photographers since January 2002. Top
prices were paid for works by Rineke DIJKSTRA (EUR 395,064
on 14 May 2002), Thomas STRUTH (EUR 307,272), Helmut NEWTON
(EUR 181,232), Thomas DEMAND (EUR 131,688) and Irving PENN (EUR 69,620). It seems the market is beginning to
carve out a canon of top contemporary photography comprising
the best artists and artworks.
Doubts about quality and the financial risks attached
to buying contemporary prints have made buyers more cautious.
For the past year investors have been looking for safer
investments, concentrating on the better-known names.
Quality is at a premium. And less renowned photographers
and lower quality prints have quickly fallen out of favour
at auction. The bought-ins ratio rose from 17.6% to 42.8%
between 1998 and 2001. That said, prices broadly stabilised
in 2001 and have surged since the beginning of 2002, which
is likely to be reflected in forthcoming sales. The auctions
of contemporary art organised by Sotheby's and Christie's
in London for 27-28 June should set the tone.
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| Price index for contemporary
photography
base 100 in june 1997
USD 100 invested in contemporary photography in june
1997 is worth USD 240,31 at june 2002 |
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