This upsurge of interest in the photography market has brought with it the development of photography fairs, which are springing up all around the world. Paris Photo, one of the largest art fairs dedicated solely to photography, will be putting on its 21st edition later this year. The much younger but no less ambitious Photo London opened the doors to its third fair on 18 May. Alongside its list of 101 exhibiting galleries and book publishers from Europe and abroad, it also organises a robust public programme of exhibitions and talks.
“Photography is finally emerging as an established artistic medium in the art market and is receiving the recognition it deserves,” says Adrian Riches, Head of Development and Communications at Photo London.
“Its relative affordability has made photography accessible to a wider group of collectors and prices have been on the rise since we launched the first Photo London in 2015.”
“At Photo London in 2017, specialist photography galleries were joined for the first time by leading contemporary galleries including Victoria Miro, Sprüth Magers and Alison Jacques Gallery,” adds Riches.
“These great additions to our gallery list demonstrate there is a strong appetite for contemporary works amongst collectors visiting the fair. ”
Also participating at the 2017 Photo London is Magnum Photos, who presented the exhibition David Hurn’s Swaps, works collected by Magnum photographer Hurn and curated by Martin Parr. The photo agency, set up by four photographers in the aftermath of the Second World War, is known for its hard-hitting photojournalistic and documentary work and while some of the bigger name photographers, like Henri Cartier-Bresson, have been collectible for decades, its newer documentary work is becoming more desirable in the art market.
“Many of our biggest names have outside gallery representation,” explains Sophie Wright, Global Cultural Director at Magnum Photos. “However, with over 90 photographers and estates there is a lot of work, both historic and by new members of Magnum, that we are working to increase awareness of. There are now also the contemporary documentary stars working in a more conceptual framework such as Alec Soth, Jim Goldberg or Martin Parr, who has been hugely influential in his role as a collector and curator as well as photographer.”
“Photography is finally emerging as an established artistic medium in the art market and is receiving the recognition it deserves”
With so much incredible work available on the market, coupled with the temptation to invest in a photograph that might appreciate in value, starting a collection of photography can seem daunting. The most universal piece of advice given to aspiring collectors is, however, quite simple: buy what you like.
“Know what you like, know what your budget is and do your homework,” says Estes. “Part of that is speaking to as many professionals in the industry as you can – gallerists, auction house specialists and advisors. And, of course, buy what you love; make that the priority over investment and you will never go wrong.”