Photography biz rallies after Sept. 11 meltdown; the terrorist attacks and bear economy of the last year heavily affected the fine art photography market. But as we head into fall, dealers are optimistically moving forward with shows and auctions

Art Business News, Oct, 2002 by Barden Prisant

Market Trends

Interestingly, Buckjune said the auction market is expanding in three different ways. The first is geographic. She has taken note of the fact that certain photography auctions in Europe have been doing well. Consequently, Christie's will soon be hosting a photography auction in Paris. Second, she now sees more crossover between the worlds of contemporary art and photography. The collectors who are buying fine art photographs (e.g., those of Thomas Struth and Gursky) at the contemporary art auctions are now gravitating to the photo sales. Last, she has realized that "we are now more of a retail venue at auction." Saul echoed this sentiment when she added, "there are no more bargains there." Some private collectors now feel just as comfortable bidding at auction as buying from a dealer. As Buckjune said, the "buyers are, for the most part, the same."

Another trend many dealers have noticed in the market is the increased popularity of video and digital art, which raises some issues in terms of sales and presentation. Saul said she sees an increasing role for video art, though she does not yet know how it will "play out in terms of the market."

The artists have to decide in what format to sell their works, how many to sell and how much to ask for them. Yet, she observed, the increasing affordability of flat-panel TV screens will make video art compatible with other forms of photography. A collector can mount a screen on the wall next to his Ansel Adams and run art videos 24/7, just as if it were another two-dimensional work of art. She said this will allow video art's slice of the photo market pie to grow.

Vinod Hopson, exhibition and press coordinator for FotoFest in Houston also sees an increasing role for the digital arts and remains positive about the state of the photography market. In general, he said this biennial fair "has been steadily building since it started. We are bigger than we've ever been. Hopefully, that will continue."

All in all, it would seem that this season's attitude is one of guarded optimism. Saul said she "anticipates a tough road ahead" but she shows true grit when she resolutely added that she plans to "hang in there and wait for it to turn around."