Collecting 101

1.

Authenticity & Provenance

Some of the most important indicators to establish authenticity of a photograph include a signature by the artist, a studio stamp, and/or a certificate of authenticity. If these are not present, provenance may be a key factor in determining the value of a work.

Before 1970, most photographers would have sold only a handful of their most popular images, removing the necessity to keep track of production. However, detailed authentication has become de rigueur and contemporary prints are almost always part of a numbered edition.

Some photographers proved to be more meticulous than others in recording their authorship. From the beginning of his very successful career in the 1940s, Irving Penn always provided exhaustive information for every fine art print he produced. In contrast, the photographer Walker Evans had a much more casual approach to authentication.

Ansel Adams’ Moonrise, Hernandez, New Mexico, has always enjoyed huge popular success, so much so that he may have made as many as 1,000 prints of the image during his long career. One of the very few extant vintage prints of Moonrise sold in 2006 for over $600,000 and later prints of the image also remain a very reliable investment.

2.

Value

The rarity of a photograph - particularly if by a blue-chip photographer – will have a significant effect on its value. Rarity is often determined by the age of the print - whether it is a “vintage” or early print (made at or near the time of the negative), or a “later” or “modern” print, produced some time after. The distinction between “vintage” and “later” is most relevant to older photographs and crucially affects value. A general rule of thumb is that the further the print from the date of the original negative, the less valuable it is likely to be. However, these relatively inexpensive, but often beautifully produced, modern prints have a distinct place in the market, offering collectors an affordable way to own important images.

Condition also affects value – if a photograph is in poor condition, it will be estimated more conservatively. When buying a print at auction, collectors should check condition and ask for a condition report on lots they are considering for purchase beforehand. Exceptions to this rule are where a photograph is unique, rare or historic – for example, early nineteenth century prints were often made using unstable and fugitive techniques and can be fragile or faded.

The photographic medium used to create a print has a hierarchy which may also impact on value. With black and white prints, platinum is considered more desirable than gelatin silver and where the work is in color, dye-transfer or dye-bleach (also referred to as Cibachrome) prints are considered superior because unlike c-prints (or chromogenic prints) they will never fade or change color if exposed to light or heat. As digital prints become the norm, these traditional techniques are fast becoming a thing of the past, although the stability and durability of this ink-based medium remains to be seen.

3.

Taste

When asked about collecting photographs, the influential French collector and photography dealer, Gerard Levy, once said, “In collecting, everything done without love is lost, because there is no spark and when there is no spark, there is no life.”

The principle of buying something that you love is clearly fundamental to the art of collecting, although some common sense should also prevail. Will the work at least hold its value should you wish to resell one day?

As the highest quality examples of “conventional” photography become harder to find and therefore more expensive, collectors are increasingly turning to contemporary prints. Contemporary photographers such as Massimo Vitali, have assumed a near cult status and their work commands ever-larger sums on the primary and secondary markets. Buying contemporary photographs is always a leap of faith, particularly in the case of younger artists with a less established track record at auction; auction houses offer a good starting point for “entry level” collectors as they tend to be more conservative than galleries in their selection and will only offer material that has had some previous market traction.

Those prescient collectors who were moved to buy the photographs of colour pioneers Ernst Haas and William Eggleston in the 1980s and 1990s can now congratulate themselves. To exhibit or buy color photography before the mid-1970s was almost unheard of by “serious” collectors who considered it vulgar or too commercial. Both Haas and, later, Eggleston, broke with this tradition. Haas was awarded the first color show at The Museum of Modern Art, New York in 1962, while Eggleston held the second at The Museum, but not until some 14 years later! Key works by both artists have subsequently risen dramatically in price.

4.

On The Market

The market for photography has increased dramatically over the past five decades. In the 1970s and early 1980s great bargains could still be found, and highly important photographs changed hands for relatively small sums. In 1974, American collector Sam Wagstaff bought Victorian photographer Julia Margaret Cameron’s album of portraits presented to astronomer Sir John Herschel for £52,000 - a world record at the time. This work would now fetch as much as ten times or more at auction.

As awareness of photography as a collecting area has expanded, the amount and quality of truly important, traditional material available has declined—long absorbed into institutional collections. This may be why collectors have turned in increasing numbers to contemporary photographs.

Edition sizes can vary considerably and will affect pricing. Typically, the smaller the edition, the more valuable the print, with unique prints being the most expensive of all. “Unique” can mean a number of things; early prints by important photographers, or that a print has been made in a way that precludes the printing of multiple identical images – by adding collage or painted handwork applied to the surface of the print.

5.

Rules for Collecting

The only real rule for collecting photography is that there will always be exceptions to the rule. Auction specialists, curators and dealers are always delighted to advise collectors on how to navigate the maze of possibilities available to them. Then it is simply a matter of personal taste and a glorious voyage of discovery. As distinguished early dealer Harry Lunn counseled “Try to identify the finest examples by the best artists in the finest condition. The rest takes care of itself.”

Laura Paterson is Head of Photographs based in New York and she can be reached laura.paterson@bonhams.com. Curious to learn more? Follow along on @bonhamsphotographs