Artnet and Morgan Stanley have released a comprehensive analysis of the photography auction market spanning 2005 to 2024. The report reveals that while the volume of photography lots sold has more than doubled over two decades, the total annual sales value has remained largely stagnant, rising from $113.4 million in 2005 to $116.9 million in 2024. When adjusted for inflation, this represents a significant 36.7 percent decline in market value, with average prices for photographs dropping by over 50 percent during the same period.
These findings highlight a stark divergence between photography's growing institutional prestige and its commercial performance at auction. Despite record-breaking attendance at fairs like Paris Photo and major acquisitions by institutions like the Metropolitan Museum of Art, the medium continues to struggle as a financial asset compared to painting and sculpture. The data suggests that while photography has become more accessible and widely collected, it remains a modest niche within the broader art market, failing to keep pace with the price appreciation seen in other fine art categories.