PARIS, November 8, 2023 /PRNewswire/ –The excitement surrounding the Paris Photo Salon (from 9 a.m. to November 12, 2023) at the Grand-Palais Éphémère comes not only from the fair itself, but also from the numerous exhibitions and auctions devoted to photography in the French capital at the beginning of November. Indeed, this annual event largely represents that of France centrality in this niche market. In 2022, French auction houses generated 11% of global turnover in the art photography segment, a contribution almost twice that of other artistic mediums globally (5.9%).
thierry Ehrmann, CEO of Artmarket.com and Founder of Artprice: “Paris Photo has become the essential show for all sectors of photography: this 27th edition of the show will welcome international galleries (Pace, Gagosian, etc.) in historic locations (Camera Obscura, Le Réverbère, etc.), press agencies (Magnum, Aperture…), publishing houses (Actes Sud, Hatje Cantz…), experimental projects (L’Avant Galerie Vossen, laCollection.io…) as well as the work of numerous photographers (Kristine Potter, Omar Victor Diop…).
“We have always been keen to support Paris Photo, particularly in 2000, when we were proud to be its main sponsor, by supporting Rick Gadella in the development of the show”, remembers Thierry Ehrmann.
The popularity of the photographic medium is primarily due to its accessibility: the average price of a photographic work is $6,000 at auction, compared to $41,000 for a painting and $23,000 for a sculpture. This accessibility is partly due to their reproducible nature; photos generally exist in several copies, sometimes in different formats, which can be exchanged regularly or have equivalents in very prestigious collections. NFT technology opens new ways to inform and reassure collectors about the quantities of works in circulation.
A look back at the big names in traditional photography
With 24,100 lots sold worldwide in 2022 (including 5,000 in France), photography sales represented 3.4% of the total number of art auctions worldwide and generated a total $147 million. But this is only the 11th best year for this media, whose turnover reached a record $220 million in 2014. Despite two historic results – for That of Man Ray The violin of Ingres (1924) to $12.4 million (Christie’s new York on May 14, 2022) and for by Edward Steichen The flat iron (1904) to $11.8 million (Christie’s new York on November 9, 2022) – the high-end photography market is no longer as buoyant as it was ten years ago: only six results exceeded the million-dollar threshold in 2022 compared to thirteen in 2014.
Since 2020, hit hard by the health crisis, the photography market has nevertheless returned to growth, driven by the big names of the 20th century rather than the superstars of contemporary photography. This change in collector preferences is particularly visible for Andreas Gurskyparticularly through the results of Pyongyang IV (2007) including seven copies in very large format (304 x 207 cm):
02/14/2008 : $1,375,000 (estimated: $300,000 – $400,000)
10/15/2010 : $2,128,000 (estimated: $800,000 – $1,120,000 $)
11/11/2015 : $1,390,000 (estimated: $1,200,000 $ – $1,800,000 $)
10/15/2021: Not sold (estimate: $440,000 – $578,000)
06/28/2023: Not sold (estimate: $253,000 – $380,000)
Richard Avedonnew “bestseller”
At Paris Photo 2023, the Gagosian gallery will present the works of William Eggleston (1939), Sally Mann (1951), and Richard Avedon (1923-2004). The latter is the most successful photographer in the world at auction. Since the start of the year, 55 of his photographs have been sold at auction generating $3.9 million. Richard Avedon already has seven results above $200,000 in 2023, by exploiting a particularly dynamic market in United States where 90% of its turnover is hammered at auction.
Top 10 photographers by global auction turnover, January to November 2023
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- Richard AVEDON (1923-2004): $3,874,000
- Cindy SHERMAN (1954-): $3,782,000
- Barbara KRUGER (1945-): $3,024,000
- Richard PRINCE (1949-): $2,984,000
- Hiroshi SUGIMOTO (1948-): $2,929,000
- Ansel Easton ADAMS (1902-1984): $2,342,000
- Robert FRANC (1924-2019): $2,311,000
- Robert MAPPLETHORPE (1946-1989): $1,953,000
- William EGGLESTON (1939-): $1,937,000
- Wolfgang TILLMANS (1968-): $1,903,000
Cindy Sherman remains the second best-selling photographer in the world. The prices of his photos have, however, fallen considerably, as evidenced by the various sales of his works. Untitled film #48 (1979), printed in triplicate in 40 x 50 cm format:
05/19/1999 – $200,500 (estimated: $60,000 – 80,000)
05/12/2004 – $321,600 (estimated: $200,000 – $300,000)
13/11/2007 – $1,217,000 (estimated: $800,000 – $1,200,000)
11/11/2014 –2,225,000 (estimated: $1,500,000 – $2,000,000)
06/27/2023 – $970,000 (estimated: $800,000 – $1,000,000)
NFT included in the photo market
With its new Digital sector, Paris Photo 2023 gives pride of place to digital art and NFTs. The German gallery Nail Draxler will present a personal exhibition of the crypto-art pioneer, Kevin Aboch. The English platform Verse joins forces with the Nguyen Wahed gallery to offer a selection of three big names in the Web3 ecosystem: 0xDEAFBEEF, Sofia CrespoAnd Matt DeslauriersFour artists for whom Artprice already has sufficient results to estimate the value of their works.
Generative art is driving NFT sales this year. Spectacular results for Dmitri Cherniak, Tyler Hobbs, Larva Labs and Snowfro have consolidated a market that is still young and volatile. However, in its brand new report on the contemporary and ultra-contemporary art market, Artprice notes that NFT sales now represent 11% of auction sales for artists under 40, which places this media at the top of the list. second place after painting for young fashion brands. Reason enough to try to combine this technology with photography.
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