Photography, a rapidly growing market: global auctions up 19% and increasing space for contemporary art.

The global photography market experienced a significant surge in 2025, with auction turnover at major houses like Christie's, Sotheby's, and Phillips rising 19.1% to $40.4 million. A key trend identified in the Deloitte Private report is the shift away from specialized photography-only auctions toward the integration of high-value photographic works into broader modern and contemporary art sales. This transition has helped drive the average hammer price up by nearly 39%, as seen with million-dollar results for artists like Man Ray, Cindy Sherman, and William Eggleston.