We received a New Year's email from Penelope Dixon and Associates announcing the relocation of their headquarters to New York City. The newsletter also offered a review of the state of the photography market as we enter 2011.
"We also thought we would take the opportunity to share a brief synopsis of our market analysis for 2010 as follows:
Although the broader art market saw a decline in value throughout 2009, photography remained relatively stable in 2010 with auction values throughout the year that were close to 2008 levels. In addition to sales at auction, photographs offered at shows such as AIPAD (Association of International Photography Art Dealers) and Art Basel Miami Beach have been realistically priced which has helped to spur sales for galleries and dealers.
In the first half of 2010, the photography market continued to show signs of stability and growth with a notable sale of Irving Penn works at Christie’s, New York in April where every photograph sold, many for considerably more than the estimates. In addition, were the sale of the Polaroid Collection at Sotheby’s in June and the Avedon sale at Christie’s in November, both of which saw new auction records for several artists. An analysis of auction sales over the past year indicates that that global photography sales have returned to levels seen just prior to the peak of the market. This trend will hopefully continue throughout 2011, providing further new growth in the photography market."