Photo Market Report: Mixed Results at Spring Auctions

At the end of June, the photography market took stock. Photo Basel, the season's last photo fair, benefited from the concurrent Art Basel, while the new Master Cabinet section dedicated to 20th-century vintage prints debuted. Yoko Ikeda, represented by Ibasho Gallery in Antwerp, won the inaugural Alpa Award 2018. 87% of exhibitors reported good transactions. According to the Art Basel & UBS Art Market, in 2017 photography generated 9% of the art market's value and 13% of gallery transactions, with average prices around $16,000. ArtTactic documented a 47.5% increase in sales at Christie's, Sotheby's, and Phillips in New York, London, and Paris in the second half of 2017, but a decline in New York in April 2018, with many lots near low estimates. During the Photography Show, Christie's totaled $5.1 million (down from $5.6 million in 2017), Sotheby's $5.1 million (up from $3.7 million), and Phillips $4.9 million (down from $9.1 million). No work surpassed $1 million; top lots included Diane Arbus ($792,000 at Christie's, a new record), Peter Beard ($603,000 at Phillips), and Richard Avedon ($456,000 at Christie's). In London in May, during Photo London, Christie's raised £1.578 million, Sotheby's £1.307 million (up 30%), and Phillips £3.5 million (up from £2.3 million). The photography market remains unstable, though prices are far lower than contemporary art.