Art investments

Objective 200: Two Centuries of Photography

Paris is celebrating this with an exhibition at the Bourse de Commerce and a special edition of Paris Photo. Whilst two trillion images are produced every year – 60,000 per second – the market for photographic collecting is going from strength to strength.

“Noire et Blanche” (1926), di Man Ray. © Man Ray 2015 Trust / Adagp, Paris, 2026 Pinault Collection.

6' min read

Translated by AI
Versione italiana

6' min read

Translated by AI
Versione italiana

Photography is celebrating its 200th anniversary. It was in 1826 that the French inventor Joseph Nicéphore Niépce took the first photograph: a view from the first-floor window of Le Gras, his home and studio in Saint-Loup-de-Varennes, in Burgundy. Numerous exhibitions and events in Italy and around the world are marking the anniversary. This week, at the Bourse de Commerce in Paris – one of the museums owned by fashion magnate and major art collector François Pinault – the exhibition Remember Me opened, featuring 700 photographs by 70 artists, ranging from the pioneer Gustave Le Gray to Wolfgang Tillmans, the first photographer to win the prestigious Turner Prize in 2000, whose works have fetched six-figure sums (up to 700,000 euros at auction).

“Endangered Gestures” (2026), di Bruce Eesly. ©Bruce Eesly.

Paris Photo, which is undoubtedly the leading fair for the photography market, will also, from 12 to 15 November, will mark the bicentenary with the presentation, beneath the glass vaults of the Grand Palais, of an extensive overview of the medium, from the earliest techniques to today’s digital methods, thanks to the participation of nearly 250 exhibitors from 38 countries. ‘Over the last fifty years, the photography market has become firmly established,’ says Florence Bourgeois, the fair’s director. ‘It is a very broad sector, with prices ranging from a thousand to hundreds of thousands of euros, making it accessible to a wide variety of people. Furthermore, it is a medium capable of appealing to a wide audience, because we are all connected to photography in our everyday lives and, as such, it serves as a gateway into the world of art collecting. The role of publishers of photography books should not be underestimated either; they are vital for the visibility of many artists, particularly those without a gallery. There will be around fifty of them at the fair, with books ranging in price from 30 euros up to hundreds or thousands of euros for the rarest or oldest examples.”

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“Untitled” (2025), di Nadine Ijewere, a Paris Photo. Courtesy Nadine Ijewere & Huxley-Parlour.

Today, photography is included in most contemporary art collections, although the current climate is more favourable to painting, which continues to set the trend. ‘When buying historical photography, you need to look at the quality,’ explains Bourgeois, ‘that is, the condition, the history of the shot and its provenance. These works are now rare and difficult to find. When it comes to contemporary photography, it is important to consider the number of editions and also how the work fits into the artist’s body of work. And then, of course, the technical details, such as the type of paper or printing process’. Prints, in fact, can yellow quite quickly, or the support material can warp, irreversibly damaging the work.

“[threads tightening]”, di Dev Dhunsi. © Raymond Depardon / Magnum Photos Pinault Collection.

Whilst in historical photography it is important to seek out vintage prints – that is, those printed by the artist whilst they were still alive – in contemporary photography, from the 1970s onwards and particularly in the 1980s and 1990s, the practice has become established of limiting the number of editions (usually three, five or seven), in order to artificially create that sense of scarcity so highly sought after by the market. Thanks to this strategy, it has been possible, to some extent, to overcome the most deeply rooted historical prejudices in the art world, according to which a photograph, being reproducible, is intrinsically less valuable than a painting, which is, by contrast, unique. The gallery or the artist may set the same price for each edition, or increase the price of the prints as the edition sells out. Once an edition is sold out, no further copies of that image are produced (some artists occasionally print additional copies in different sizes, but this practice is heavily criticised by collectors). Each print is numbered; with the exception of ‘i’, known in English as Artist’s Proof: one or two copies that the artist traditionally kept for themselves, or to give to friends and collaborators, or to display in exhibitions without having to use those intended for sale.

La mostra con 700 fotografie di 70 artisti alla Bourse de Commerce, sede della Pinault Collection.© Tadao Ando Architect & Associates, Niney et Marca Architectes, Agence Pierre-Antoine Gatier. Photo Vladimir Partalo.

Over time, photography has found its way into the institutional world. MoMA was the first museum to establish a dedicated department in 1940, thanks to the curator Beaumont Newhall, who inaugurated it with the exhibition Sixty Photographs: A Survey of Camera Aesthetics, created to demonstrate the artistic value and potential of the art of photography, and conceived in collaboration with the photographer Ansel Adams (now one of the most highly valued at auction, with prices reaching almost a million dollars).

Between the late 1970s and the early 1980s, other highly significant museum collections were established in Europe: that of the Museum Folkwang in Essen in 1978, which today holds around 65,000 photographs by 1,300 artists, and, in 1981, that of the Centre Pompidou, with more than 45,000 prints and 60,000 negatives, a small selection of which (around 100 photographs by some thirty artists) will be on display in November at Paris Photo.

In the auction world, however, 2011 was a record-breaking year, with the sale in May at Christie’s in New York of Untitled #96 (1981) by Cindy Sherman for $3.9 million, a figure surpassed in November – again at Christie’s in New York – by Rhine II by Andreas Gursky for $4.3 million.

“Amazônia” (1971), di George Love, che a novembre verrà esposta a Paris Photo. Courtesy Galeria Vermelho.

Emerging photography, on the other hand, offers much more affordable prices and a wealth of talent to invest in. Among those exhibiting at Paris Photo, in the section dedicated to young artists – which includes twenty solo exhibitions – will be Dev Dhunsi, a 30-year-old Norwegian of Indian origin, who works at the intersection of photography, textile art and installation, tackling themes linked to the encounter between cultures and how photography is used to serve power structures (presented by Melk Galleri in Oslo; each work is unique and valued at 12,000 euros). This summer, he was named by the British Journal of Photography as one of 15 photographers to watch, alongside others who address the effects of migration, domination and imperialism, and war: important themes which they tackle whilst, nonetheless, finding moments of joy and exploring the limits and possibilities of the expanded medium. Among them is Ivan Samoilov, a 23-year-old Ukrainian, who documents life in Kharkiv and the consequences of the Russian attack on life in his country, whilst also focusing on the beauty of the landscape and the effort to clear it of mines (prices, available directly from the artist, range from 350 to 1,000 euros). Another of her compatriots, Kristina Podobed, aged 32, began taking photographs as a teenager to explore, instead, her own body, femininity and social expectations (prices range from 200 to 1,000 euros).

“Strike!” (2026), di Jacopo Benassi. ©Jacopo Benassi.

Among Italian artists, an intimate and introspective body of work that is enjoying great success both nationally and internationally is that of Jacopo Benassi, born in 1970, who began working in the 1980s, initially in circles linked to the underground music scene. Over time, his work has expanded to include portraits and self-portraits, painting, nature and the world of fashion, evolving to encompass performance art and sculpture. His subjects, starkly illuminated by the flash against a dark background, are hidden one beneath the other, leaving room for the imagination and desire (from Francesca Minini, prices ranging from 12,000 to 18,000 euros). The work of Florence Di Benedetto (born 1975), a French artist based in Milan, on the other hand, is a personal narrative constructed through symbols and metaphors that intertwine the artist’s lived experience and identity with universal existential themes, such as the relationship between humankind and nature, which has now been stripped of its sacred dimension (prices range from 1,500 to 10,000 euros; from 13 October to 15 November, she is scheduled to hold an exhibition at the Plan C concept store in Milan, organised by Margherita Castiglioni in collaboration with the Podbielski Contemporary gallery).

“Untitled #21” (1978), di Cindy Sherman alla Bourse de Commerce. © Cindy Sherman / Adagp, Paris, 2026 Pinault Collection.

Naturally, artists are also increasingly turning their attention to the digital realm – 2027 marks another significant anniversary: the twentieth anniversary of the launch of the iPhone. Today we are literally inundated with photographs: it is estimated that two trillion were taken last year alone – that is, 60,000 per second. But what is it about these images that draws us in? And what drives us to share them? An exhibition that recently concluded at the C/O Berlin gallery sought to understand how images captivate or deceive us as they circulate online. Fourteen artists were featured, including Zoé Aubry, a Swiss artist born in 1993, who, with her work entitled #Ingrid addressed the issue of media coverage of femicide, inviting the public to take collective action to influence the algorithm and remove photographs of the crimes published by the Mexican tabloid press (prices on request).

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“Tête d’Homme”(2018), di John Edmonds, in esposizione a “Remember Me”. © John Edmonds / Adagp, Paris, 2026 Pinault Collection.

The current state of photography also shows us how, in the digital world, the artist is no longer necessarily the person who took the photograph. In the case of the Italian artist Irene Fenara (born in 1990), for example, images from CCTV cameras found on the internet are used to create unsettling self-portraits (at the ZERO gallery, photographic works range from 1,000 to 9,000 euros, whilst video works range from 5,000 to 18,000 euros). This is yet another way of demonstrating how photography is constantly evolving and, despite its two-century history, shows no signs of ageing.

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