The Rising Value of Photography 2024

The Photography Market Trends for 2024

The art market for photography is gaining momentum, particularly for established artists like Wolfgang Tillmans and Zanele Muholi, who are receiving significant recognition and retrospectives at major institutions. This attention highlights photography’s growing stature within the art world, positioning it as a key medium for both historical and contemporary discourse.

Robert Frank, installation view of “The Americans, 1954-1957,” at Art Basel Unlimited 2024, presented in collaboration with Zander Galerie and Pace Gallery. © The June Leaf and Robert Frank Foundation. Photo by Sebastiano Pellion. Courtesy of Zander Galerie and Pace Gallery.

Auction Trends and Investment Opportunities

While the overall art market saw a decline in 2023, photography remained resilient. Auction sales for photographic works, especially those by renowned artists like Diane Arbus and Peter Hujar, set new records, signaling strong demand. Notably, the market for photographs priced under $5,000 has seen a substantial increase, making it an attractive entry point for new collectors.

Photography’s Place in Art Fairs

Photography is still a rarity at top-tier art fairs, where paintings often dominate. However, strategic presentations at events like Art Basel, where Pace Gallery showcased Robert Frank’s “The Americans,” highlight how galleries are effectively positioning photography in the global market. The success of dedicated photography fairs, such as Paris Photo and Photo London, underscores the medium’s growing appeal.

Emerging Voices and Market Diversification

The photography market is diversifying, with a noticeable increase in works by emerging artists from diverse backgrounds. Gallerists report a surge in new talent from Africa, such as Trevor Stuurman and Nonzuzo Gxekwa, whose works are gaining traction. This inclusivity, fueled by platforms like Instagram, is reshaping the narrative in galleries and museums, reflecting a broader spectrum of perspectives.

Investment Recommendations

Given the current trends, investing in photography offers a unique opportunity. Collectors should consider works by established photographers with recent auction success, as well as emerging talents who bring fresh perspectives to the medium. With the market showing resilience and growth, especially in the under $5,000 range, photography presents a compelling case for both seasoned and new investors seeking diversification in their art portfolios.

Source: Artsy-The State of the Photography Market in 2024