Photography News and Archive
Current News             Issue Archive             Article Archive E-Photo Newsletter   Issue 90   6/18/2005

Photo San Francisco Coming Up Next Month, July 21-24

Photo San Francisco 2005, the 6th Annual International San Francisco Photographic Art Exposition, will be held July 21- 24 at the historic Festival Pavilion at the Ft. Mason Center and will feature the photographic art ranging from rare 19th-century photographic experiments to the most contemporary photo-based art including video and digital art.

More than 80 premiere photography galleries, book stores/publishers and private dealers representing international and U.S. artists will be on display at Photo San Francisco 2005.

Photo San Francisco 2005 will highlight several politically and historically important installations including stirring images documenting the French government's involvement in the 1994 Rwandan Genocide provided by France's leading public advocacy organization Survie; a selection of photographs from the international independent medical humanitarian organization Doctors Without Borders/Médecins Sans Frontières (MSF) spanning 20 years of its 24-year history in Afghanistan; and images created by emerging artists of Chinese ancestry from the Chinese Artist Network. The show will also include exhibitions by the California Historical Society and The Mexican Museum, in addition to photo-based work created by students from the San Francisco Art Institute and California College of the Arts.

An opening reception will be held on Thursday, July 21 from 6 to 9 p.m. to benefit Instituto Terra. Founded in 1998 by Lélia Wanick Salgado and internationally renowned photographer Sebastião Salgado, Instiuto Terra seeks to create positive social change through restoring degraded Brazilian Atlantic forests, promoting environmental education and raising ecological awareness, and strengthening the economic and social fabric of the communities in the Rio Doce Valley. Guests at the opening will enjoy a special preview of all the wonderful works of art on display as well as a hosted cocktail reception.

"San Francisco's scenic Fort Mason is the perfect setting in which to bring together people who appreciate works of beauty, whether natural or created, and who are dedicated to seeing them endure," says Kelsang Aukatsang, U.S. representative of Instituto Terra. "We are delighted to accept Photo San Francisco's support of our conservation efforts in Brazil's Atlantic forests."

In conjunction with the exhibition, a lecture series will take place July 22-24 with special guest speakers including Mary Virginia Swanson, photography consultant; Stephen Perloff, editor for Photo Review/Photograph Collector; and internationally acclaimed photographers Bill Owens, Todd Hido and Catherine Wagner. A panel discussion entitled "Trends In Collecting Photography In the 21st Century" will be held on Sunday, July 24 at 10 a.m. Also on Sunday, another panel session on "Producing the Photographic Book" will be held at 1 pm.

Exhibition hours are Friday, July 22 and Saturday, July 23, 12 noon to 7 p.m. and Sunday, July 24, 12 noon to 6 p.m. Tickets are $15 for a one-day pass and $25 for a three-day pass (includes an expanded catalog) and can be purchased at the door or through the Stephen Cohen Gallery. But if you print out this article and present it at registration you will get these tickets at the reduced rates of $10 and $15 respectively. This special rate is only available on site, but remember to bring your printout.

Lectures are $10 per person, per speaking engagement, and onsite collecting seminars are $70 (includes a 3-day pass and an expanded catalog). A $5 student discount for lectures and the fair will be given to guests with valid I.D. Tickets to the opening reception are $50 per person.

All exhibition, lecture and opening reception tickets are available for purchase in advance or at the door. Seminar tickets should be purchased in advance. For additional information on Photo San Francisco 2005 and advance ticket sales, please visit www.photosanfrancisco.net .

Christie's Lead Off in NY Hits a Home Run, Bringing in $5 Million+

By Stephen Perloff
Editor of The Photograph Collector

Christie's led off the spring auction season with a bang and through to the end there was no let up. Houston dealer John Cleary, not normally a big spender at auction, took the first lot, Ansel Adams's Moonrise, at $42,000, its high estimate. An unidentified institution bidding on the phone bought a complete set of Alfred Stieglitz's Camera Notes at the low estimate, $24,000, then came right back to buy a complete bound set of Camera Work ($90,000-$120,000) for $284,800, double the high estimate--and tied for the second highest selling lot of the day. Keith Davis, bidding for the Hallmark Collection, scaled Eadweard Muybridge's Cathedral Rocks at $54,000, not quite twice the high estimate. (As these sales would show, estimates seemed irrelevant time and time again.)

April showers (of bidder's money) brought out the flowers. Peter MacGill picked a lovely bouquet: Edward Steichen's Heavy Roses, 1914 (printed 1920s-1930s). The $108,700 purchase price was right at the high estimate--and seventh in the top ten--but this very print sold at Sotheby's in 2001 for $154,250. Go figure. Robert Mapplethorpe's Flowers, 1988, a portfolio of 10 toned photogravures ($30,000-$50,000) found a new home in the garden of a phone bidder at $96,000 (tenth place). And his unique diptych, Tulips, 1977 ($90,000-$120,000) reached sixth place at $156,000, going to a different phone bidder.

London dealer Michael Hoppen snapped up Man Ray's La Prière ($25,000-$35,000) for $60,000. Bruce Silverstein claimed André Kertész's Chairs, The Medici Fountain, Paris, 1925 ($18,000-$22,000) for a premium of $36,000. Edwynn Houk went for Kertész's abstract wheel and shadow, In Les Halles, 1928, at $48,000, the mid-point of the estimate.

Robert Frank's, London (Belsize Crescent) (the hearse), 1951-52, printed before September 1966 ($25,000-$35,000), was bid up by Peter MacGill but ultimately won by Jane Jackson, buying for Elton John, for $72,000.

Prices for Irving Penn also continued their upward spiral. Penn's Woman in Chicken Hat, c. 1949 ($30,000-$50,000) went to a phone bidder for $78,000. And his Man Lighting Girl's Cigarette, 1949 ($20,000-$30,000) went to a different phone for $57,600.

Robert Mapplethorpe's three prints of Lydia ($60,000-$80,000) and Helmut Newton's Night Nude II, Nice, 1981 ($30,000-$40,00) were the first significant passes. Garry Winogrand's Women Are Beautiful portfolio ($35,000-$45,000) soared to $84,000. And Andy Warhol's Untitled (Holly Solomon) sold near its high estimate at $66,000.

Diane Arbus's postcard of Identical Twins didn't make it to its $40,000-$60,000 estimate. One could argue that it's more a talisman than a work of art. But next up was the much anticipated signed vintage print (one of probably seven) of Arbus's Child with a Toy Hand Grenade ($300,000-$400,000). The room was strangely quiet throughout the bidding, which ended with a European collector bidding on the phone winning at the mid-point of the estimate, $408,000, the top price of the day.

Mapplethorpe's Mark Stevens, NY, 1976, more than doubled its high estimate at $38,400. William Eggleston's Sumner, Mississippi, c. 1972 ($40,000-$60,000), the back cover image, was fought over by multiple bidders, eventually going to Julie Saul for $108,700, tied for seventh place. Next, his Greenwood, Mississippi, 1973, (the red ceiling), went to Ute Hartjen of Germany's Camera Work gallery at the low estimate, $120,000.

Rose Shoshana outdueled Howard Greenberg for 60 dye-transfer prints of color Farm Security Administration images, 1939-42, printed 1982-86 ($15,000-$20,000), by bidding $50,400. A phone bidder went over high estimate at $48,000 to buy Walker Evans's Alabama Tenant Farmer (Floyd Burroughs), 1936. Tina Modotti's Mexican Peasant Boy, 1927, brought its low estimate of $60,000.

According to my notes, Rose Shoshana joined the fray again, this time against Edwynn Houk, for Man Ray's Érotique Voilée, 1933 ($140,000-$180,000). The final bid, tied for second, was $284,800, but Christie's lists this lot as having gone to a European collector. Another European collector bidding on the phone, more than doubled the high estimate for Peter Lindbergh's Marie-Sophie Wilson, Helena Christensen and Lionel, Montmartre, Paris, for Vogue, 1991, at $102,000. The European market has been very strong for Lindbergh, who seems to have made relatively few prints.

The cover lot, Adam Fuss's Untitled from the series My Ghost ($20,000-$30,000) didn't scare off any bidders as Ute Hartjen outlasted Jane Jackson at $50,400. John Baldessari's Knees, 1990, a color print with two silver prints, mounted together, more than tripled its high estimate at $33,600.

A palladium print of Edward Weston's Steel: Armco, Middletown, Ohio, 1922 brought the mid-point of its estimate, $240,000, the fourth highest price of the sale.

All of the top lots went it the morning, although the afternoon was relatively strong. Photographer and dealer D. W. Mellor doubled the high estimate for Frederick Sommer's Cut Paper, 1977, at $16,800. Sommer's Arizona Landscape, 1943, had the same result, as Tom Gitterman outbid Keith Davis.

At the end of the day Christie's had a 76% sold by lot rate and an even better 89% sold by dollar rate. That coupled with their $5,001,140 total marked their best sale in years. Joshua Holdeman, International Director and Head of the Photographs Department commented, "It was thrilling to witness the intense display of competitive bidding for objects of high quality. We were exhilarated by the level of healthy activity both in the room and from abroad illustrating the further expansion of this market…."

Before we continue, it would be useful to highlight the European contingent, which has been sometimes noted above and, one assumes, was active in much of the phone bidding. Given the record highs of the euro against the dollar at the time of the sales, the Europeans were enjoying a discount rate of almost 25%.

(Copyright ©2005 The Photograph Collector.)

My thanks to Steve Perloff and The Photograph Collector Newsletter for giving me permission to use this information. The Photograph Collector, which is a wonderful newsletter that I can heartily recommend, is published monthly and is available by subscription for $149.95 (overseas airmail is $149.95). You can phone 1-215-891-0214 and charge your subscription or send a check or money order to: The Photograph Collector, 140 East Richardson Ave, Langhorne, PA 19047. Or for a subscription order form to The Photograph Collector Newsletter, go to: http://www.photoreview.org/collect.htm.

Sotheby's Also Scores Big, Topping $5-3/4 Million and Taking Top Lot of Season

By Stephen Perloff
Editor of The Photograph Collector

Sotheby's taut sale of just over 200 images, highlighted by a group of photograms by Laszlo Moholy-Nagy from the collection of Eugene and Dorothy Prakapas, was remarkably even better.

Ansel Adam's Clearing Winter Storm, blew past its high estimate to $48,000. Robert Mann left Edwynn Houk behind, and then battled a phone to take Adams's Maroon Bells, Aspen, Colorado at $43,200, more than double the high estimate.

Following that, a glorious early vintage print of Adams's Clearing Winter Storm, here titled just Storm, Yosemite Valley, California, came on the block. Collector Michael P. Mattis wrote, "I think it has to be mentioned that this print--the only known DATED vintage print--redates this seminal image by a full six years prior to its usual dating (1938 vs. 1944). [John] Szarkowski had mused in his recent book on Adams that the photo may well predate 1942--according to Denise, he apparently was very excited when this print surfaced, proving his hunch. How bloody often does this type of major redating happen? NOT BLOODY OFTEN!!" Estimated at $25,000-$35,000 the print climbed in $2,000 increments as a determined Mattis held off two phone bidders to take home the prize for $96,000, the tenth highest price of the sale. "It's the price of a Weston sand dunes study," Mattis later quipped, "but infinitely rarer."

Clarence H. White's beautiful platinum print, Morning, 1905, inscribed to Laura Gilpin and printed no later than 1918, brought its low estimate of $60,000 from the phone. Another White print, Drops of Rain, 1903 ($25,000-$35,000), also from the collection of Laura Gilpin, found shelter with a European dealer, at $105,600--a record for the artist and the ninth highest price of the sale.

A set of the rare Stieglitz publication 291, mostly or entirely the deluxe edition ($20,000-$30,000) was the object of intense bidding. Collector Manfred Heiting dropped out at $84,000 and finally dealer Francis Naumann gave in to surrealist collector Silvio Perlstein at $144,000 (tied for fifth).

Edward Steichen's vintage print of the movie icon Gloria Swanson (one of only three to be offered at auction, plus another variant) found company with a phone bidder for $273,600, just under the high estimate, after Peter MacGill dropped out. This lot managed to come in second in the top ten. Edwynn Houk took the elegant print by Alfred Stieglitz, From the Shelton, West just under low estimate at $72,000. Anne W. Brigman's lush pictorialist study, Sanctuary/The Grand Canyon, 1921, doubled its high estimate at $24,000 as a phone bidder left Howard Greenberg, Paul Hertzmann, and Jill Quasha behind.

A Lewis Hine Empire State Building study, 1931, passed at $34,000. Perhaps the taint of the old scandal has not been purged from the Hine market yet.

Jeffrey Fraenkel outbid Edwynn Houk for Walker Evans's Penny Picture Display ($20,000-$30,000), paying $91,200, or a little more than $403 per portrait. Michael Hoppen flew high for Margaret Bourke-White's Sikorsky Engine, reaching $81,600, over high estimate.

With only 78 lots in the morning, the lunch break stretched out just a little too long, especially with the anticipation for the Moholy photograms. Eugene and Dorothy Prakapas, pioneering New York dealers, bought most of these images from the photographer William Larson in 1980. Larson himself had acquired them in 1973, long before there was such an intense interest in the Modernist period and before there was any real market for this work.

In order of price the lots went as follows: Fotogramm (Photogram with Diagonal Shape) went to Thea Westreich, Art Advisory Services (bidding at these auctions through her assistant) for $240,000; Fotogramm 1922 (Photogram with Spiral Shape); $228,000 to Thea Westreich; Skizze für das Titelblatt der Zeitschrift "Broom" (Photogram Sketch for the Title Page of "Broom"), $96,000 to Peter MacGill; Untitled (Photogram with Circular Shapes and Diagonal Line), $86,400 to Kenneth Wynn; Untitled (Photogram with Wine Glass), $60,000 to Michael Hoppen; Untitled (Photogram with Interlinking Circles), $43,200 to Kenneth Wynn; and Untitled (Photogram and Cliché Verre), $28,800 to Timothy Baum. Two were bought in, but according to Denise Bethel, Director of Sotheby's Photographs department, "The two photograms that did not sell during the auction were sold privately, immediately following the sale."

Back to the various owners sale, a Frantisek Drtikol Composition went at the mid-point of its estimate, $60,000. Deborah Bell pushed Germaine Krull's Eiffel Tower to $22,800, more than double its high estimate. But Edward Weston's Piramide del Sol found no takers at $54,000, only 10% below it low estimate. Peter MacGill floated over high estimate to snare Weston's Cloud--Mexico for $115,200 (eighth place). Lee Marks, usually bidding for collector Howard Stein, doubled the high estimate for Frederick Sommer's Grand Canyon at $62,400. A Weston Dunes, Oceano, 1936, ($15,000-$20,000), printed no later than 1946, blew into Peter MacGill's sandbox for $76,800.

Several Irving Penn images went over high estimate and 12 of the 15 images from Helmut Newton's 15 Photographs ($25,000–$35,000) seduced $57,600 from an order bidder. Five selected images of the Brown sisters by Nicholas Nixon more than doubled the high estimate at $33,600. 15 Photographs by Lee Friedlander ($30,000-$40,000) went to the phone for $84,000 and Friedlander's N.Y.C. (Shadow on Fur Collar), 1966 ($12,000-$18,000) brought $38,400 from a different phone.

Next up was Diane Arbus's A Box of Ten Photographs ($250,000-$350,000). One sold for $405,500 at Phillips de Pury and Company in October 2003. That record would not last long as Rose Shoshana finally ended Thea Westreich's spirited pursuit at $553,600, a new record for an Arbus lot and the top lot of the sale and the season.

Edwynn Houk only had to go close to the high estimate, $138,000, for Arbus's Waitress at a Nudist Camp, N.J. (seventh place). Jeffrey Fraenkel did have to go well over the high estimate of $70,000 to corral a Selkirk print of Child with a Toy Hand Grenade — $144,000 (sixth place), more than double the $65,725 paid at Christie's in April 2004.

Rose Shoshana was back to ride off with William Eggleston's Memphis (the tricycle) ($100,000–$150,000) for $240,000 (third place), leaving behind Tom Gitterman consulting on a cell phone. Hiroshi Sugimoto's Brooklyn Bridge ($100,000–$150,000) went for $168,000 (fourth place). I imagine that's more than William McCloundy got for selling the Brooklyn Bridge in 1901 or Victor Lustig got for selling the Eiffel Tower in 1925. But I digress.

The two last contemporary lots of note were Elger Esser's Lyon and Albi, which sold for $64,800 and $43,200, on estimates of $15,000–$25,000.

All that bidding left one a little dizzy. The various owners sale itself realized $4,972,900, 89.3% sold by lot and 94.8% sold by value. Add in the $782,400 for the Moholys and you reach a stunning $31,450 per lot sold, not counting the two Moholys that sold afterward.

As Denise Bethel, said: "We are stunned by the strength and energy of today's fine art photographs market. We offered only 206 lots, the fewest lots of any auction house this time around, and again, we set the record total: our two sales together brought a very strong $5,755,300, led by the most expensive lot of the season, the Neil Selkirk printing of Diane Arbus's Box of Ten Photographs, which realized $553,600. It was also a privilege and pleasure to offer in one catalogue nine extremely rare Moholy-Nagy photograms from the Collection of Eugene and Dorothy Prakapas. The two most valuable photograms brought the most spirited bidding, and the top lot, Photogram with Diagonal Shape, achieved $240,000, one of the highest auction prices ever realized for a photographic work by Moholy-Nagy. Overall, for the two sales, we were expecting a high estimate of $5,772,000, and we achieved this almost to the dollar."

(Copyright ©2005 The Photograph Collector.)

My thanks to Steve Perloff and The Photograph Collector Newsletter for giving me permission to use this information. The Photograph Collector, which is a wonderful newsletter that I can heartily recommend, is published monthly and is available by subscription for $149.95 (overseas airmail is $149.95). You can phone 1-215-891-0214 and charge your subscription or send a check or money order to: The Photograph Collector, 140 East Richardson Ave, Langhorne, PA 19047. Or for a subscription order form to The Photograph Collector Newsletter, go to: http://www.photoreview.org/collect.htm.

Phillips' Auction Also Does Well, Breaking Over $4-1/4 Million

By Stephen Perloff
Editor of The Photograph Collector

Phillips "new" team of former Christie's veterans Rick Wester and Lisa Newlin may have been holding their breaths as they presented their first sale entirely under their own auspices and with the number three house trying to right itself after a couple of shaky years, but they needn't have worried as the sale brought in a total of $4,284,720 over three sessions, with well over one dozen artist records were achieved. Wednesday night's evening sale of 67 lots itself totaled $2.3 million, as a packed house bid vigorously.

Lee Marks got things underway by bidding just over high estimate for Karl Struss's haunting Storm Clouds, 1921, at $42,000. After passes on Paul Outerbridge, Jr.'s Cyclops, c. 1935 ($60,000-$80,000), and Kertész's Still Life, 1928 ($100,000-$150,000), an order bidder welcomed home August Sander's top-hatted Westphalian Farmer on His Way to Church, 1925/1950 at the high estimate, $108,000, the third highest price of the sale.

Next, Sondra Gilman, Thea Westreich, and Peter MacGill battled over Albert Renger-Patzsch's Buchenlandschaft (Forest), 1936, with MacGill hauling home the prize for $114,000, more than three times the high estimate and a new auction record for the artist--and second place in the sale. Frederick Sommer's portrait of Max Ernst, 1946 ($20,000-$30,000), went to a phone bidder at $51,600. MacGill drove off with Walker Evans's Highway Corner, Reedsville, West Virginia, 1935/1955–60 ($20,000-$30,000), for $54,000, leaving Larry Miller consulting on his cell phone still waiting for a ride. Then MacGill was left out as Jeffrey Fraenkel captured Evans's View of Easton, PA, 1935 ($20,000-$30,000), for $48,000.

Mary Solomon, working with G. Ray Hawkins, bid $120,000 for a large Adams' Moonrise, printed in the 1960s. It was the top lot in the sale. Then MacGill was back for Robert Frank's London (the hearse again), printed before 1975, over high estimate at $43,200 and Louis Faurer's Staten Island Ferry, 1946, at $57,600, more than three times the high estimate, as Howard Greenberg was left standing at the dock. Jeffrey Fraenkel outbid Larry Miller, or rather his son, Tim, who was holding up the paddle, for Helen Levitt's New York street scene, 1945c at $33,600.

A phone bidder won the crown in taking Diane Arbus's Miss Venice Beach, Venice, CA, 1962 ($15,000-$25,000), for $43,200. Then Edwynn Houk bested Howard Greenberg and others for Lee Friedlander's Galax Virginia, 1962 ($10,000-$15,000), an unsigned vintage print, but with a Museum of Modern Art label on the back. At $78,000 it was an auction record for Friedlander. Greenberg came back to buy Friedlander's New York, 1964 ($10,000-$15,000), the sleeping man seen in the clear rectangle of a painted storefront window, for $45,600. Then a phone bidder more than doubled the high estimate for Friedlander's Self Portrait, Provincetown, Massachusetts, 1968, at $45,600.

Ute Hartjen won Robert Frank's U.S. 90, En Route to Del Rio, Texas ($25,000-$35,000) after intense bidding at $102,000 (tied for fourth). Collector Jack Hastings set a record for Avedon of $96,000 for Andy Warhol, artist, New York City, August 20, 1969 (sixth place). Another record was set on the next lot, Robert Heinecken's Nine Squares, 1970 ($20,000-$30,000), as Mary Solomon bid $60,000. It is good to see this pioneering but underappreciated artist getting due recognition. Two lots later Thea Westreich lit a fire under Joel Sternfeld's McClean, Virginia, 1978 ($7,000-$9,000) by setting a record at $21,600. And two lots after that Edwynn Houk bought Stephen Shore's Twelve Photographs--another record (for a Shore lot) at $33,600.

Mapplethorpe's Flower Portfolio ($60,000–$80,000) wilted at $38,000, but his Tulip ($20,000–$30,000), blossomed at $55,200. Helmut Newton's Sie Kommen (Undressed) ($25,000–$35,000) was clothed for $68,400.

No one shed a tear for Louise Lawler, as her Does Marilyn Monroe Make You Cry? ($40,000-$60,000) went to the phones for $78,000. Vik Muniz's Action Painting III (After Hans Namuth) from "Pictures in Chocolate," set a record for the artist at $102,000 (tied for fourth). Another record was set for Philip-Lorca DiCorcia's Mary and Babe, as a phone bidder intervened on Peter MacGill at $62,400. And for the third record in three lots, Tina Barney's Jill and Polly in the Bathroom sold for $42,000.

Elger Esser's Gien, Frankreich doubled its low estimate at $50,400. And Roni Horn's Dead Owl set yet another record at $26,400.

A lot of 36 fashion photographs by Robert Frank ($90,000-$120,000) passed. But Peter Lindbergh's lovely Berri Smithers ($30,000-$50,000) went to order at $90,000 (seventh place). So ended the evening session.

The next morning saw a much smaller audience, as usual, and there were many more passes, but some good prices, as well. Eugene Atget's Parc de Sceaux ($20,000–$30,000) sold for $57,600. A phone bidder more than doubled the high estimate for Hans Bellmer's untitled work from "Les Jeux de la Poupée" at $31,200. And an order bidder bought Alexander Rodchenko's Two Generations at the high estimate, $42,000. Joseph Bellows outjumped Burt Finger for three prints from Aaron Siskind's "Terrors and Pleasures of Levitation" ($9,000–$12,000), paying $24,000 for the lot. Ute Hartjen went to $8,160, almost doubling the high estimate for Joseph Koudelka's Gypsies, c. 1970, printed 1980s. This is the lowest price I have reported on here, but it denotes the growing realization of the scarcity of Koudelka's prints.

Louis Faurer's Untitled (man in rain), 1946c was estimated at $7,000-$9,000. Thus the bidding proceeded by only $500 increments to $30,000, and by only $1,000 increments thereafter, as the auctioneer seemed certain the bidding would end at any moment. But no, Peter MacGill finally surrendered to Deborah Bell at $63,600, a new auction record for Faurer. Then a phone bidder went somewhat over high estimate to take 40 printed-later Faurer images for $84,000.

Ute Hartjen more than tripled the high estimate at $48,000 to groove to Robert Frank's Daytona Beach (First Psychodelic [sic] Motorcycle I've Seen). Then against competition for Shoshana and MacGill, she paid $24,600, almost four times the high estimate, for Duane Michals's The Most Beautiful Part of a Man's Body and The Most Beautiful Part of a Woman's Body. Likewise, Gregory Crewdson's Untitled (Mound of Butterflies) almost quadrupled its high estimate at $28,800.

When the hammer fell on the last lot, Phillips closed another strong sale with a 24.2% buy-in rate.

Rick Wester, Director and Worldwide Head of Phillips, de Pury & Company's Photographs Department said of the sales, "The fullest satisfaction for an auctioneer is to witness a crowd of overjoyed and amazed collectors happily file out of the saleroom at the conclusion of an energetic sale. From the wild enthusiasm of Wednesday evening's inauguration through Thursday's nearly perfect afternoon, Phillips, de Pury & Company's spring sale was all exclamation points. Rarely does the auction theater reverberate with the action and energy we hosted. It's a pleasure to support this market so actively."

As these auctions showed, the photography market is thriving. Photographs were selling like they were oil futures. Right now it seems the only thing that can slow it down is external events. Certainly a spiking of interest rates if the deficit continues to spiral out of control would put a damper on any market. But for now, those thoughts seem far away.

(Copyright ©2005 by The Photo Review.)

My thanks to Steve Perloff and The Photograph Collector Newsletter for giving me permission to use this information. The Photograph Collector, which is a wonderful newsletter that I can heartily recommend, is published monthly and is available by subscription for $149.95 (overseas airmail is $149.95). You can phone 1-215-891-0214 and charge your subscription or send a check or money order to: The Photograph Collector, 140 East Richardson Ave, Langhorne, PA 19047. Or for a subscription order form to The Photograph Collector Newsletter, go to: http://www.photoreview.org/collect.htm.