|ArtTactic: Photography Art Market Report 2009|
||London-based art market research firm, ArtTactic, launched today its annual Photography Market Report 2009.|
Price drop has levelled out: The recent Photography sale in Phillips de Pury in London in October 2009, showed an increase in average auction price of 18% from the last sale in May 2009.
Market confidence returning: The Photography Market Confidence Indicator currently stands at 51 in June 2009, up from 36 in December 2008.
Contemporary Photography increased its market share: The contemporary photography market segment has increased its market share in dedicated Photography auction sales from a 21% share in 2008, to 33% in 2009.
Increasing institutional interest in Asian photography: Over the last years, a number of international museums have started to acquire Chinese contemporary photography for their permanent collections.
New institutional support and improved infrastructure in London: Tate has for the first time appointed a curator of Photography, and there are plans for the National Media Museum to establish an outpost in London. The Photographers’ Gallery has also expanded to a new, larger venue.
The report includes auction market analysis, art market confidence analysis and an overview of the photography market infrastructure, focusing on the key players in the market.
A Two-tiered Market
The contemporary photography market is a two-tiered market, in which some contemporary artists (photographers), such as James Casebere, Sally Mann, Ruud Van Empel, Herb Ritts and others tend to appear in what we will define as the Specialist Photography market, a market that has developed around the auction houses and their specific Photography sales, and is often supported by specialist photography galleries.
At the other end of the spectrum, we have contemporary artists such as Andreas Gursky, Cindy Sherman, Jeff Wall and many others, who work exclusively in the photographic medium, and have achieved huge success in the international contemporary art market. They rarely though features in the Specialist Photography sales, apart from the inclusion of minor works at the low-end of the market.