Driving the sector is the interest of new collectors and a growing integration of photography into the contemporary art market
The photography market remains increasingly dynamic and attractive to investors, with double-digit global growth. According to Deloitte Private’s report “The Photography Market in 2025: Emerging Trends and Dynamics,” presented at the MIA Photo Fair BNP Paribas 2026, turnover at major international auction houses increased by 19,1%. In 2025, photography sales at Christie’s, Sotheby’s, and Phillips totaled $40,4 million, up from $33,9 million in 2024. At the same time, the unsold rate fell to 17,1%, while the average hammer price rose to $3,4 million (+38,8%).
Italy is also showing signs of vitality
The domestic market surpassed €1 million in revenue, with 249 Italian photographers auctioned. Finarte dominates the sector, accounting for 77,5% of revenue thanks to its strong specialization in the photography segment. One of the most significant changes concerns the market structure: auctions entirely dedicated to photography are decreasing, dropping from 25 in 2023 to 12 in 2025 among the leading international auction houses. This decline reflects a broader transformation: the most important photographic works are increasingly being included in modern and contemporary art auctions, thus broadening the audience of potential buyers. In this context, trade fairs are strengthening their strategic role. Events such as Paris Photo, now in its 28th edition with over 220 exhibitors from 33 countries, and the MIA Photo Fair BNP Paribas, which attracted 13,000 visitors and 114 exhibitors, confirm their position as key platforms for promoting photography.
On the top lot front, 2025 saw the participation of some of the biggest names in international photography
Among the most notable sales was Man Ray’s “Noire et blanche,” which fetched $2,8 million at Sotheby’s, followed by Cindy Sherman’s “Untitled Film Still #13” ($2,3 million at Christie’s) and William Eggleston’s “Los Alamos (101 prints)” ($1,9 million at Phillips). Two works by Richard Prince, both from the “Untitled (Cowboy)” series, also sold for between $1,4 and $1,5 million. In Italy, photography is following the international trend, increasingly finding space in mixed sales of modern and contemporary art. In 2025, 72,2% of auctions featuring Italian photographers fell into this category, compared to 27,8% of exclusively photography auctions. However, the best results for Italian artists continue to be achieved in specialized sales, confirming the continued strong and targeted interest of Italian collectors. Another significant finding concerns the centrality of Italian artists: in photography auctions, 55,9% of the 1.805 lots analyzed were works by Italian artists, a sign of renewed confidence in the domestic market.
Attention towards female photography is also growing
Among Italian artists, Vanessa Beecroft remains the leader in terms of revenue, while Lisetta Carmi records the most significant growth (+181,2% compared to 2020). Elisa Sighicelli maintains a stable international presence, Luisa Lambri stands out for her strong positioning in the United States, and Letizia Battaglia continues to attract great interest, especially in the primary market. The report highlights the growing role of photography in European businesses as well. Of a sample of companies analyzed, 94,1% cite brand awareness as the primary objective of investment in the sector, while nearly half adopt foundation-based governance models. The most active sectors are Finance & Services and Fashion, Luxury & Design. The picture that emerges is clear: photography is no longer simply an artistic language, but a strategic lever for investment and positioning, increasingly integrated into the dynamics of the global art and communications market.
