Collecting Photographs

Just received an email notification on an interesting Mutual Art  Q&A on collecting photographs.  As many appraisers know, photography is a fast growing category within the art market and we need to be aware of trends, popular photographers, editions, vintage or a later print.  I am working on an assignment that was for some general antique furniture and some prints and it included a photography of Churchill by Yousef Karsh. Quality photographs can found within other quality collections.

Mutual Art reports

How can I discover the kind of photography I want to buy?
“With any art form and any area of collecting, you should start simply by looking,” says Darius Himes, International Head of the Photographs department at Christie’s. “That seems simple, and it is. But be discriminating about where you go looking.” And if it seems to much to go at it alone, he advises using those with experience as a guide. He recommends visiting major museums, reputable galleries, and art fairs and to playfully “dig into your art history playbooks” without getting overwhelmed. He says it’s also important to “listen to your own voice” and consider your motivations behind collecting. “Ask yourself what your collecting goals are: a handful of pieces for the house? Or a museum-quality collection? Do you want to discover young, unknown artists or build a collection of top hits? Maybe you want to rescue the fortunes of 19th-century women or minority artists from relative obscurity.” There’s no right or wrong when it comes to the motives behind your collection, as Darius says, “That’s all up to you!”

Should social media come into play?
“In this day and age there is so much information and inspiration that can be found online and through social media”, says Kate Finefrock, Associate Photography Specialist at Phillips. She recommends following the accounts of galleries, auction houses museums, art fairs and the artists themselves. She makes it clear that the face-to-face element can never be replaced by digital methods, “Just remember, these virtual platforms can’t always replace the experience of seeing a work in person. Keep tabs on the events and exhibitions of your local institutions and see as many as you can. Auction house previews take place a week or two before a sale and are a great chance to discover new artists – even if you don’t plan on buying right away.”

How do I research an artist?
We’re lucky to have so much documentation of artist’s activity online, but it can be hard to know what to look out for once you’ve found the photographer you want to collect. Laura Paterson, Head of Photographs at Bonhams suggests looking at the data, “There are also a number of results websites available by paid subscription where specialists and collectors can track the performance of specific works at auction or even just the artist’s market generally.”

According to Kate, looking into the markets of similar artists can be especially helpful if you’re looking to continue your collection. “If you do find an artist that you like, look into their contemporaries, or who they studied with or who they taught. This can be a great way to find new works of interest that compliment the artists you already like.”

When it comes to using data to decide when’s a good time to buy, there are two things to consider. Firstly consider the prices, such as how much an artist’s work generally sells for or how their value is progressing. It’s also worth taking into consideration the artist’s activity. For example, an artist’s value may well rise or fall depending on their frequency of exhibitions or press coverage. Contemporary artists may have less auction history, so Darius recommends looking at other options. “Once you find yourself drawn to an era or an artist, drill down deep. Ask gallerists for books to read; quiz your local curator about the relative importance of the artist and where they fit into a ‘canon’."

Are there any established names in photography to look out for?
It’s important to be aware that trends shift in the art world, but there are certain artists that prove popular for collecting. Darius says recommends looking at 20th-century artists, “it’s rich with photographers who have a very strong market. From Edward Steichen, Alfred Stieglitz, Ansel Adams, and Dorothea Lange, to Diane Arbus, Lee Friedlander, Irving Penn, and Richard Avedon.” When it comes to more contemporary artists, he says “everyone from Hiroshi Sugimoto, Stephen Shore and Richard Misrach, to Idris Khan, Richard Learoyd, Katy Grannan and Vivianne Sassen come to mind.”

How can I get help investing in photography?
Don’t be afraid to reach out to an expert, whether it’s an art advisor, staff in a commercial gallery or an auction house specialist. “Most auction house specialists or gallerists will be quite happy to provide more information”, says Laura, “[they can tell you more] about artists and their markets—what comparable images have sold for in the recent past.”

Are there any specific terms to look out for?
“The photography field is extremely diverse and nuanced, which is a huge part of its charm”, says Darius. “There are endless aspects of the history of the medium for one to study. There are hundreds and hundreds of distinct photographic processes that produce different end results—some photographic objects can be unique by virtue of how they are made, whereas other processes can yield virtually identical prints. But given the reliance of photographers on commercial and industrial processes, everything in the history of the medium is finite. The idea of ‘editions’ can be different from artist to artist. Likewise, the term ‘vintage’ loosely refers to how contemporaneous the print is to when the negative was made. There is no set term, and many dealers use it loosely. These are two points to discuss with any dealer about a print. Lastly, condition is a huge concern when it comes to collecting photography.”

Why are some photographs editioned and others not?
Laura explains there are a number of possible reasons for this, ”The age of the photograph, as editioning is a relatively modern practice The photographer (again usually older) does not edition his work) The work is outside of the edition—for example, a print donated to charity, or given as a gift to a patron or the sitter.”

Is the photograph vintage, or was it printed later?
A photograph by a blue-chip photographer labeled “vintage” (printed at the same time the negative was made), it can be significantly higher in value than a “later print” (a work printed after the negative but still in the artist’s lifetime). Laura explains that a good example of this potential disparity can be seen with regard to Ansel Adam Moonrise over Hernandez, NM (c. 1941). “A vintage print of the work may sell at auction for a figure of around $500,000, whereas a standard later print (printed 1970s/1980s) would realize approximately one-tenth of this sum. A photography specialist will be able to advise on the print date.”

Once I've bought the photograph, are there any added costs?
When purchasing a photograph at auction you will pay the hammer price, which is what the lot sold for plus buyers premium (usually 25%), as well as any local taxes. “It is worth factoring these extra charges in when bidding on anything,” says Laura. “In some increasingly rare cases, if you are shipping the work directly to a state where the company has no footprint of any kind, NYC local tax is waived. Expect to have to pay shipping charges, if you don’t live locally (or even if you do, if the work is oversized.) Most auction houses will provide a shipping quote if you prefer not to make these arrangements yourself.”

How should I store the works?
The storage and aftercare of a photograph will depend entirely on the process. “ Some processes are very robust whilst others are a bit more sensitive to external factors,” says Kate. “But in general extremes are to be avoided – extreme cold, heat, and light are not great for any type of photograph.” Framing is key, however, with clever technologies to help protect the work. “There are certain kinds of framing practices which can help maintain the original quality of the work and most galleries and auction houses should be happy to advise on the specifics of a work when you acquire it from them.”

How do I track the work’s value over time?
If you’re considering selling the work, make sure to keep an eye out for the right time for investment. Darius recommends keeping in touch with whoever you’ve worked with to purchase the work, such as your dealer, gallerist or auction house expert. Keep an eye on price databases to monitor whether the artist’s prices are growing, taking into consideration how their competitors are doing. Stay up to date with art market news, and follow reputable sources on social media for a general read on the market.  Particular names to follow include Darius' Instagram and Twitter, Wall Street Journal art market reporter Kelly Crow, as well as major auction houses and galleries.  

Source: Mutual Art

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