For the global photography market, 2023 was a record year in terms of sales volume. But there was a catch: the total value of those sales was $62.4m (€57.4m), marking a fall from 2022. Though the market is active, the sector’s buyers don’t necessarily have the deepest pockets. For many, photography offers an entry point to art collecting.

In a world where we can take and view images with a tap of a finger on a smartphone, what does it say about the medium that we continue to collect and surround ourselves with photographs? What makes the snapshots that we choose for our walls special and how are they valued? And how does living with photographs change the way we experience a room?

Over the following pages we explore the art of building a collection. We visit a Park Avenue auction, spotlight galleries across the globe and explore the history of the art form. We also enter the homes of some keen-eyed enthusiasts to take a peek at their extraordinary collections. They might inspire you to snap up a print or two of your own.

At Monocle, we take the pursuit of a fantastic shot seriously. And sometimes, a good photo shouldn’t be confined to the page. — L

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AUCTIONS to watch
Negative equity
New York

Within seconds, Peter Hujar’s lifetime print, titled “David Wojnarowicz (Village Voice ‘Heartsick: Fear and Loving in the Gay Community’)”, climbs in price from $26,000 (€24,000) to $70,000 (€64,700), before continuing upwards. The photograph takes just two minutes to be sold at a final price of $139,700 (€129,300). “It’s the only lifetime print of that image that we’ve seen,” says Sarah Krueger, Phillips’ head of photographs in New York, who is the auctioneer when monocle attends the Park Avenue event. (A “lifetime print” is one that’s produced while the photographer is still alive.)

Until the Hujar print, the mood in the auction room has been relatively calm, with a small group of seated bidders and others dropping by for certain lots. Every now and then, someone will gently raise their paddle. One man in the second row bids by lifting his finger with the slightest of movements. Blink and you’d miss it. “He’s a collector who I’ve been dealing with for decades,” says Christopher Mahoney, senior international specialist, photographs, at Phillips. “I remember seeing him in the 1990s. He’s a real auction pro.”

That was back when the sale rooms were full and frantic, sometimes brimming with more than 100 people. Nowadays, though the auction is still held in a physical space, most of the action takes place by phone or through the online platform, which people log into from around the world. “The technology has become so good and accessibility has expanded so much,” says Mahoney.

Whether attending in person or engaging down the line, thousands of bidders from more than 40 countries have turned out for the slew of famous photos under the hammer, including Wolfgang Tillmans’ “Paper Drop Novo”, Cindy Sherman’s “Untitled Film Still #18” and Alfred Stieglitz’s “From the Back Window – 291 – Snow Covered Tree, Back-Yard”, which sells for $304,800 (€282,330).

The price that a photograph achieves at auction is the result of several factors: the condition and size of the print, how many were made, how often one becomes available and how long after the negative date the work was printed. “While there are innumerable variables for our valuations, rarity and condition can be the biggest drivers,” says Krueger. Though the most common prints that she sees at auction are gelatin silver, chromogenic and pigment, many contemporary artists use traditional processes such as the 19th-century daguerreotypes.

How quickly something sells depends, of course, on how decisive the bidders are. “It’s from 40 seconds to a minute when people have to make decisions,” says Krueger.

Long-time collector Louis Berrick, who loves the work of William Klein, recommends going in with a plan and a sum in mind. He is less concerned with rarity and appreciates how accessible the art form can be. “If there are 40 photographs that were made and signed by the artist, that’s great,” he says. “It’s a very democratic art form.”

Like most collectors, he’ll peruse the catalogue beforehand and take note of a few pieces. But he mostly chooses what to bid on through impulse. “I decide in the moment,” says Berrick. He’s glad that the online platform allows more bidders to take part but says there’s nothing like being in the room. Before the auction, Berrick will view the collection in person, sometimes asking if he can see the photographs outside the frame. “You’ll go there and realise a photograph isn’t so big. Or you’ll see something different in the picture. It changes your experience.” Mahoney also encourages collectors to engage with the collections if they can.

In the auction room itself, there’s one piece of advice that everyone will tell you: unless you’re bidding, keep your hands firmly in your lap. Lifting a finger can come at a high price.

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Cindy Sherman
Untitled Film Still #18, 1978.

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Francesca Woodman
Self Portrait (with Bird), 1976-78.

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Tina Modotti
Telegraph Wires, circa 1925.

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Alfred Stieglitz
From the Back Window – 291 – Snow Covered Tree, Back-Yard, 1915.

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