The inaugural Photo Sydney exhibition, a new and highly anticipated highlight of this year's Sydney Contemporary art fair, has proven to be a success which will hopefully be repeated in future. Drawing crowds of over 20,000, the event not only sold a significant number of works but also played a crucial role in elevating photographic art in the eyes of the general public.
Is there money in fine art photography?
For decades, photography was often considered the 'poor cousin' of the art world. Casual art buyers and the general public have not traditionally valued a photograph on par with a painting or sculpture, which are seen as unique, 'one-off' creations.
To address the medium's inherent reproducibility, the art photography world established the 'edition' system. This system creates scarcity, which in turn adds to a print's collectability, with some photographs by artists like Cindy Sherman fetching prices upwards of $7.5 million.
While the photography gallery scene is mature and well established in cities like New York, Paris, and London, the Sydney scene has lamented the loss of key spaces like Stills, the Australian Centre for Photography (ACP), and Black Eye galleries.
Mainstays such as Blender Gallery (specialising in music photography since 2001) and the stables of photographic artists at Michael Reid, Olsen, and Roslyn Oxley9 continue to command high prices, but Photo Sydney has injected new credibility and public awareness into the market.
An education in collecting
For many visitors, the fair was also an education in the art of collecting photography. Conversations with numerous gallerists revealed that many people are unfamiliar with the edition system that underpins the market.
For the uninitiated, here’s how it works:
Limited Editions: Most photographs are offered in small, strictly limited editions, typically of 5 or 10. This is often noted as a fraction (e.g., 2/10), indicating the second print in an edition of ten. Also, the editions can increase in price (e.g. first print 1/5 $9,500 and the final print 5/5 $25,000).
This increase in price makes the artwork more attractive as an 'investment'. Once the edition is sold out, no more prints of that image will be produced at that size. Interestingly, it's all built on a trust system.
Artist's Proofs (AP): In addition to the main edition, artists produce a small number of Artist's Proofs, noted as '5 + 2 AP' for example. These two APs are identical to the main edition prints but are traditionally held by the artist or gallery for exhibition purposes.
The Dot System: In a gallery or art fair, a full red dot next to a work signifies it is sold. A half dot indicates the piece is on hold, meaning a buyer has reserved it, but the sale is not yet final.
This system, however, can cause confusion. Some photographers revealed they hesitate to use dots, fearing potential buyers might mistakenly assume an entire edition is sold out, rather than just that specific print.
In other cases, a gallerist might display an artwork which has previously sold (prior to the current exhibition) with a dot. This serves as 'social proof' to collectors, highlighting the edition's strong sales history and creating a sense of urgency to acquire any remaining prints (aka FOMO). In this case, it makes it more difficult to ascertain whether the print has been sold at the current art fair or exhibition, or by the gallery/photographer several years ago.
The cost of exhibiting – gallery VS art fair
Exhibiting photographs in a traditional gallery is typically structured as a partnership, which significantly lowers the artist's upfront financial barrier. In this model, the artist's primary costs are tied to the production of the work itself: professional printing, high-quality framing, and the transport of the pieces to the gallery. Printing a one meter photograph can cost around $200 and up for a Giclée archival print, while professional framing of that sized image being between $400 - $600.
The gallery, in turn, bears the substantial overhead expenses, including the cost of the physical space, staff salaries, marketing and promotion for the exhibition, and hosting an opening night event.
The gallery invests its resources and space in the artist for the duration of the show (usually four to six weeks), and recoups its investment by taking a commission – typically between 40% and 50% – from the sales of the artwork. This approach is a longer-term investment in an artist's career, focusing on building a reputation and a collector base.
In contrast, exhibiting at an art fair is a high-cost, short-term venture defined by significant upfront fees and logistical expenses. The most substantial cost is the booth or stand rental, which can range from several thousand to tens of thousands of dollars for just a few days.
Reportedly, at Sydney Photo, the cost was $3,000 - $5,500 depending on the size of the 'booth' – with options such as an electrical power point being an extra $200.
On top of this, the exhibitor (whether an independent artist or a gallery) can be responsible for numerous additional costs, including specialised lighting, wall painting, insurance, freight, travel, and accommodation.
This model places immense financial pressure on the exhibitor to generate immediate sales to recoup the considerable initial investment. While art fairs offer unparalleled exposure to a vast and concentrated audience of collectors, curators, and buyers, the financial risk is substantially higher and more immediate than in a traditional gallery exhibition.
A lot of red dots at Photo Sydney
The vibrant market activity at Photo Sydney demonstrated a robust and heartening demand for photographic prints. Works were sold across a wide spectrum, catering to both new and established collectors. Prices ranged from an accessible $600 for pieces by emerging artists to upwards of $40,000 for large-scale works by some of the industry's biggest names.
The exhibition featured an eclectic lineup of Australian talent. The gritty, poetic street photography of Magnum photographer Trent Parke and the evocative visual narratives of his partner, Narelle Autio, were also highly sought after. Other standouts included the Head On Foundation, the Oculi photographic collective, Photo Access, alongside celebrated artists like Paul Blackmore, Judith Nangala Crispin, Simon Harsent and Tamara Dean.
The takeaway
Initial reviews and industry responses have been positive, with publications such as ArtsHub noting that the introduction of Photo Sydney "really broadens the entry point for new collectors – and that signals an exciting future." This sentiment underscores the tangible excitement and renewed interest the event has generated within the Sydney art ecosystem.
The curated selection of galleries and artists at Photo Sydney has been praised for its quality and diversity, highlighting the strength and innovation of contemporary photography in Australia and beyond. The focused nature of the event has allowed for a deeper engagement with the medium, fostering a dynamic atmosphere of discovery and appreciation.
In a market that is constantly evolving, the successful launch of Photo Sydney marks a pivotal moment, affirming the growing prominence of photography in the fine art world and providing a powerful new impetus for artists, galleries, and collectors alike.
You can see more about Sydney Photo on their website.
Or see Capture's original post on Sydney Photo with some portraits of exhibiting photographers here.