Why Photography Is Gaining Ground in the Art Market in 2025

Key Trends

 •   Strong sales in top tiers. In October 2025, Phillips’ October Photographs auctions totaled US$8.5 million, with landmark sales by Irving Penn, Josef Koudelka, and Tyler Mitchell. 

 •   Record setting lots. Christie’s October 2025 Photographs Sale in New York realized US$3.6 million in total. Highlights included Aspens, Northern New Mexico by Ansel Adams ($330,200) and Wind Erosion, Dunes at Oceano by Edward Weston ($190,500). 

 •   Strong sell-through and estimates exceeded. For example, the Christie’s NY sale posted an 83% sell-through rate by lot, and overall sales came in at 115% against low estimates. 

 •   More than just blue-chip works. Mid‐range pieces and lower price categories are also showing growth. Collectors are increasingly acquiring works under US$5,000; meanwhile, iconic and rare works continue to fetch strong prices. (Based on broader market reporting.) 

Why It Matters (For Artists, Collectors & Investors)

 •   Accessibility: Photography offers a tractable entry point for collectors who may not have the funds or risk tolerance for large paintings or sculpture.

 •   Provenance & editioning count: Original prints, good condition, limited editions, signed or marked works are especially valued.

 •   Diverse global interest: Buyers from new geographies and younger art lovers are entering the space, helping support both established names and emerging photographers. This injection of diverse buyers is key! 

 •   Liquidity & visibility: Auction houses, fairs, and galleries are increasingly spotlighting photography, improving transparency in pricing and market behavior.

2025 is showing that photography isn’t just surviving; it’s thriving. Make sure your personal property appraiser is a SME in this genre! 

Photo: Richard Avedon’s Avedon/Paris portfolio (1947-1957), sold at Phillips in 2025.