Photography Market Showcases Tenacity in Face of Art Market's Slump, as Demonstrated at Photo London Event
The 10th iteration of Photo London commenced at Somerset House on the south bank of the River Thames last Wednesday. As the United Kingdom's foremost photography fair, it has grown substantially since its inception in 2015, echoing the evolution of the historic institution that houses it.
Speaking at the press preview, Jonathan Reekie, Somerset House's director, reflected on the past decade, stating, "Twenty-five years ago, this courtyard was a government car park, and the last civil servants left the building just before Photo London's first fair. This decade has seen both us and the fair mature."
The complex at Somerset House also accommodates the Courtauld Institute of Art and other arts organizations. Furthermore, Photo London has significantly contributed to the photography market, which, once a minor sector within the art world, now ranks among the top global fairs for photography. The medium now stands firmly on its own in the art market, despite accounting for only 1% of global auction sales, as confirmed by the Art Basel and UBS's 2025 Art Market Report.
Leading blue-chip galleries, such as Gagosian, have recognized the potential of photography, with recent acquisitions of artists like Nan Goldin, Deana Lawson, and Tyler Mitchell. Despite this, the photography market has been affected by the broader art market slowdown in recent years, experiencing less severe effects compared to other sectors. ArtTactic reported a 5.6% decrease in photo sales at the major auction houses in 2024, totaling $59 million, while the total art market declined by 27% last year.
Despite these challenges, Sophie Parker, Photo London's new director who joined the fair in 2018, remains optimistic. She cited the resilience of the event as providing a sturdy foundation, while also noting an increased interest from collectors who traditionally bought prints and editions.
Like the market for prints, Photo London's market is largely dominated by Gen Z and millennial buyers. Michael Benson, the fair's co-founder, explained, "I prefer to call it the young end of the market as opposed to the lower end of the market, and there's a lot of excitement and enthusiasm as people are beginning to understand what it means to collect photography."
However, while this new generation invigorates the segment, Benson cautioned that the established photography galleries may be facing difficulties due to aging collectors and deaccessioning collections. He predicted that the art market may experience one or two tricky years as it catches up with itself.
An example of this new blood bringing life to the photography market can be seen at the fair, where Arica Hilton, CEO and founder of Chicago-based gallery Hilton Contemporary, is showcasing stunning wildlife photographs by Mexican photographer Cristina Mittermeir and Canadian Paul Nicklen. Priced between $25,000 to $40,000, Hilton remains optimistic about the market, pointing to the significant value increase in one of Nicklen's works, titled 'Ice Waterfall,' over the past five years.
Freeny Yianni, the creative director of UK-based Close gallery, is participating in Photo London for the first time, presenting works by Anna Mossman, Carali McCall, and Trish Morrisey. She highlighted the importance of showcasing photography from performative conceptual artists while offering affordable works by traditionally high-priced artists.
The fair also provides a platform for emerging artists, with 21 photography galleries exhibit in the Discovery section. New York gallery New Discretions is showcasing Jordan Eagles' work, incorporating photography, blood, and resin, while Helphoto from Helsinki presents emerging female artists from Denmark, Sweden, and Estonia.
Reflecting on the tenth anniversary of Photo London, Benson said, "This edition is a testament to what we've accomplished in our first decade; we've worked closely with the photography community to establish London as an essential global hub for the medium."
[Enrichment Data Note: According to available enrichment data, the photography market has undergone significant growth and transformation, moving from a niche sector to a recognized collectible asset. This transition has been characterized by sales growth amid market contraction, a democratic turn in art buying, and the integration of photography with mainstream art markets. Leading galleries such as Hauser & Wirth and Gagosian now represent established photographers alongside traditional painting and sculpture at major fairs.]
- Photo London, echoing the evolution of Somerset House, has seen significant growth in the past decade, becoming one of the top global fairs for photography.
- Leading blue-chip galleries, like Gagosian, have recognized the potential of photography, acquiring artists such as Nan Goldin, Deana Lawson, and Tyler Mitchell.
- Despite the photography market experiencing some challenges due to the slowdown in the broader art market, collectors, particularly from Gen Z and millennial generations, have shown increased interest.
- Freeny Yianni, the creative director of Close gallery, is participating in Photo London for the first time, presenting works by Anna Mossman, Carali McCall, and Trish Morrisey, offering affordable works by traditionally high-priced artists.
- The Discovery section of Photo London provides a platform for emerging artists, with 21 photography galleries presenting their works, such as Jordan Eagles' blood-based photographs and Helphoto's showcase of emerging female artists from Scandinavia.
