VALUE OF FINE ART PLUNGES AS PHOTOGRAPHY SOARS
Coutt's announced in it's latest Passion Index 2017 report that Photography has surpassed the growth value in collecting, while the overall value of fine art and vintage cars have seen prices falling by 6.2% and 10.4% respectively, in 2016 alone.
On the 28th September Sotheby’s launches its first major auction primarily based upon contemporary photography.
Photography is one of the most accessible collecting categories today and offers dynamism and immediacy for collectors.
- Emily Bierman, Head of Sotheby’s Photographs in New York
Featuring a collection of 49 works amounting to a pre-sale estimate of $2.1-3.1 million, this event further marks the medium’s heightened importance within the art world. Artnet writes, ‘the latest addition to the auction calendar reflects the growing audience for photo-based work, which no longer appeals primarily to highly specialized collectors’
IBIS predicts that the improving economic conditions during the five years leading up to 2022, will stimulate a significant growth in the photography industry as a whole. The increase in disposable income will increase the demand for talented and creative photographers.
As only as far back as 2015 however, Bloomberg Pursuits has been commending photographic artwork due to its accessibility to establishing collectors in comparison to high quality works of fine art. However, with these new trends this may not be the case for much longer.