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Assessing the value of vintage photography
You come across two signed prints for sale. Both are
advertised in excellent condition. Both are the same size. As you look at
the images on the Internet, you can't understand why one is priced at $350
and the other is $3,500. If you feel compelled to grab the cheaper print
before someone else does, I urge you to wait. There's a good reason that
seemingly identical photographs by the same artist fetch wildly divergent
prices:
In a moment, I'll discuss familiar factors that
affect price-condition, size, rarity-but first it's vital to understand
the fundamental principle that underpins the photography market. Because
photography by its nature is a medium of multiples, a hierarchy has
evolved for ranking the value of a print. In a nutshell, the closer the
print is to the author's hand in time and space, the greater its value.
Thus, if you have the good fortune to be offered an
Edward Weston photograph taken in 1924, the first thing you should do is
determine when the print was made. If it was printed and signed by Edward
Weston within approximately five years of the original negative, it's
known as a "vintage print". In most
cases, vintage prints have a market value far greater than prints made
later, even if the later print was signed by the artist and is, to all
appearances, an exact duplicate.
So all images may be created equal, but some images
are more equal than others. The logic behind this system is as much
philosophical as it is practical. A vintage print corresponds closely to
our concept of originality-it has an intrinsic value because of its
proximity to the original event. The closer to the event, collectors
believe, the more likely a print was made in accordance with the artist's
original vision. Conversely, the further away from the event, the more
likely the print was made for commercial reasons, which diminishes its
value to collectors.
An example illustrates why this system helps clarify
the fine photography market for beginners and experts alike. Moonrise
Over Hernandes, N.M. is one of Ansel
Adams' best known images. With
over 10,000 prints of this photograph in circulation, it can't be said to
be rare. Still, examples in excellent condition sell today for between
$1,000 and $20,000.
Why should one print be worth more than another?
Because the market has decided that a vintage print commands a high
premium. And don't assume that later prints are worth nearly as much. You
may come across unscrupulous dealers selling Moonrise Over Hernandes,
N.M. for $7,000 and think you've stumbled upon a bargain. However, the
value of non-vintage prints drops precipitously, with a print made by the
artist late in life or by the estate worth only a small fraction of a
vintage print. If a vintage print is worth $25,000, a later print signed
by the artist in pristine condition may be worth only a few hundred
dollars. If you can't afford a vintage print and you're determined to own
this work, I recommend saving your money and buying a good-quality poster
instead.
In addition to assessing a photograph by the above
criteria, make sure you also evaluate for the following:
- Condition of the print-
I strongly recommend examining the photograph as a three-dimensional
object. The paper, the artist's signature, the state of the image, the
size of the print--all have a bearing on the value. Don't make the fatal
mistake of thinking that because a small bent corner doesn't bother you,
it won't bother the next buyer. Even a vintage iconic photograph could
be rendered almost worthless because of a small crease or a flaw in the
image.
- Condition of the image-
Anyone who's seen a faded photograph knows that photographs are
vulnerable to light. An image that's been carefully stored is more
prized than one that's hung in a well-lit room for decades. This is even
more true of color photographs which can fade severely over time (see
below)
- Authenticity-
The
provenance of a photograph is as important as a painting's. Early
photographs were rarely signed by the artist, but prints may be stamped
on the back. At Butterfields, we guarantee
the authenticity of every photograph we sell. In a medium where new
prints are readily made and artists didn't always leave behind a clear
pedigree, the peace of mind offered by a guarantee of authenticity is
invaluable.
- Rarity-
Obviously,
all others things being equal, owning one of 7 known prints of an image
has more cachet than an image with 10,000 known prints in existence.
Sometimes the negatives have been lost or destroyed, leaving only a few
prints extant. Or, if you're dealing with a daguerreotype, it's a
one-of-a-kind image that can't be duplicated. Each would have a direct
impact on value because of the rarity of the image.
Online
Photograph Appraisal Request Form
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