How Photography is Performing at Auction (so far)

In the summer of 2018 Christie’s, Phillips and Sotheby’s had hosted 14 photography-specific auctions between them. Helmut Newton’s Panormaic Nude with Gunhad sold in May for $981,884 making it a world record for the artist and the most expensive print that year. 

Fast-forward a year and the photography-specific auction tally is down (11) but the records are up.

Though auction houses have restrained the number of photography auctions they have hosted so far this year, their consignments have been more successful. Already this year photography has outpaced last year’s number of record-breaking sales with two prints sold for over $1 million and three entered into the list of the top 50 Most Expensive Photographs Sold at Auction.

Of the three most expensive sales so far this year, Edward Weston’s Shell (Nautilus) was the cheapest at $674,977 (Christie’s London), just over $300,000 less than last year’s most expensive sale. The print was Weston’s fifth to enter the top 50 joining El Lissitzky who, this year, entered the top 50 for the first time.

Lissitzky’s Self-Portrait (‘The Constructor’) smashed the artist’s world record at the same auction as Weston’s print (Christie’s London) in March by reaching a hammer price of $1.2 million and placing 33^rd in the top 50 list.

It is Helmut Newton, however, who has had the best performance so far this year, beating his best record set only last year with a $1.8 million sale at Phillips (New York) in April – over $800,000 more that his previous record.

With Helmut Newton entering the top 50 for the first time last year and El Lissitsky entering for the first time this year, it would appear buyers consider photography attractive enough to take a punt on. And though photography auctions have decreased this year along with photography-inclusive sales, the numbers suggest that photography continues to be a worthy investment.

image credit Pepi Stojanovski