Art Auctions - The Definitive Guide: Top Photography Auctions - By The Numbers
How & Where The Most Expensive Photographs Are Sold
Art auctions are generally where the highest grossing fine art photography prints are sold. These are staggering sums of money for photos so you might be wondering who and why the prices are so high? The goal of a photography auction is to attract multiple bidders to get into a "bidding war" to drive up the prices of an asset. It only takes two to play. The motivation for these art buyers usually comes down to wanting to own a historical photograph, build an art collection, diversify investment assets, to own something their peers do not have, tax write-offs and to generate publicity.
There are some caveats to high-priced photographs, most notably from Peter Lik who in 2014 claimed to have set the then world record with a $6.5 million dollar photo sale but that has never been substantiated according to ARTnews. The art industry only officially counts fine art photography print sales that can be validated through public record. A notable outlier here is the Twin Flames NFT, which is the only photo on this list that is not a physical print. I'll withhold my own personal opinions on NFTs here as I'm just reporting the facts. Here I've researched the chronological history of record-breaking auction prices paid for photography and added up the totals for the highest prices paid for photos at auction.
Chronological History of Record-Setting Photo Auction Sales
| Date Sold | Artist | Title | Auction House | Sale Price |
|---|---|---|---|---|
| February 1952 | Eadweard Muybridge | Animal Locomotion | Swann Auction Galleries | $250 |
| February 1972 | Unknown | Daguerreotype of Henry D. Thoreau | Sotheby's Parke‐Bernet Galleries | $2,000 |
| October 1973 | Unknown | Daguerreotype of Edgar Allan Poe | Hanzel Galleries / Chicago | $9,250 |
| November 1979 | Nadar | Portrait of Alexander Dumas, Pere | Sotheby's | $16,000 |
| May 1980 | Southworth & Hawes | Portrait of Albert Sands Southworth | Christie's | $36,000 |
| November 1983 | Charles Sheeler | Wheels | Sotheby-Parke Bernet | $67,000 |
| October 1990 | Man Ray | Rayograph | Christie's | $126,500 |
| May 1993 | Man Ray | Glass Tears | Sotheby's | $193,895 |
| October 1993 | Alfred Stieglitz | Georgia O'Keeffe: A Portrait-Hands and Thimble | Christie's | $398,500 |
| October 1998 | Man Ray | Noire et blanche, Paris | Christie's | $607,500 |
| October 1999 | Charles Sheeler | Ford Works (Criss-crossed Conveyors, Ford Plant) | Sotheby's | $607,500 |
| October 1999 | Gustave le Gray | Grande vague -- séte | Sotheby's | $838,704 |
| November 2005 | Richard Prince | Untitled (Cowboy) | Christie's | $1,248,000 |
| February 2006 | Edward Steichen | The Pond—Moonlight | Sotheby's | $2,928,000 |
| February 2007 | Andreas Gursky | 99 Cent II Diptychon | Sotheby's | $3,346,456 |
| November 2011 | Andreas Gursky | Rhein II | Christie's | $4,338,500 |
| May 2022 | Man Ray | Le Violon d'Ingres | Christie's | $12,400,000 |
Sources: Artnet, Artnet, NY Times, LA Times, NY Times, NY Times, NY Times, The Edgar Allan Poe Society of Baltimore, Wikipedia, Christie's, The American Museum of Photography, iPhotoCentral, BBC News, Swann Auction Galleries, Trans Atlantic Cultures
Chronological History of Record-Setting Photo Auction Sales Adjusted For Inflation
| Date Sold | Artist | Title | Auction House | Inflation-Adjusted (2025) |
|---|---|---|---|---|
| Feb 1952 | Eadweard Muybridge | Animal Locomotion | Swann Auction Galleries | $3,100 |
| Feb 1972 | Unknown | Daguerreotype of Henry D. Thoreau | Sotheby's Parke-Bernet Galleries | $15,500 |
| Oct 1973 | Unknown | Daguerreotype of Edgar Allan Poe | Hanzel Galleries / Chicago | $67,600 |
| Nov 1979 | Nadar | Portrait of Alexander Dumas, Pere | Sotheby's | $71,700 |
| May 1980 | Southworth & Hawes | Portrait of Albert Sands Southworth | Christie's | $141,800 |
| Nov 1983 | Charles Sheeler | Wheels | Sotheby-Parke Bernet | $218,400 |
| Oct 1990 | Man Ray | Rayograph | Christie's | $315,000 |
| May 1993 | Man Ray | Glass Tears | Sotheby's | $436,300 |
| Oct 1993 | Alfred Stieglitz | Georgia O'Keeffe: A Portrait - Hands and Thimble | Christie's | $896,600 |
| Oct 1998 | Man Ray | Noire et blanche, Paris | Christie's | $1,209,900 |
| Oct 1999 | Gustave le Gray | Grande vague -- séte | Sotheby's | $1,635,500 |
| Nov 2005 | Richard Prince | Untitled (Cowboy) | Christie's | $2,072,000 |
| Feb 2006 | Edward Steichen | The Pond — Moonlight | Sotheby's | $4,716,000 |
| Feb 2007 | Andreas Gursky | 99 Cent II Diptychon | Sotheby's | $5,257,000 |
| Nov 2011 | Andreas Gursky | Rhein II | Christie's | $6,300,000 |
| May 2022 | Man Ray | Le Violon d'Ingres | Christie's | $13,764,000 |
Top 50 Highest Priced Photos Sold At Auction
| Rank | Artist | Work | Price | Date Sold | Auction House | Location | Genre |
|---|---|---|---|---|---|---|---|
| 1 | Man Ray | Le Violon d'Ingres (1924) | $12,400,000 | May 2022 | Christie's | New York | Surreal |
| 2 | Edward Steichen | The Flatiron (1904) | $11,800,000 | Nov 2022 | Christie's | New York | Pictorial |
| 3 | Andreas Gursky | Rhein II (1999) | $4,338,500 | November 2011 | Christie's | New York | Landscape |
| 4 | Man Ray | Noire et Blanche (1926) | $4,020,000 | November 2022 | Christie's | New York | Surreal |
| 5 | Richard Prince | Spiritual America (1981) | $3,973,000 | May 2014 | Christie's | New York | Appropriation |
| 6 | Cindy Sherman | Untitled #96 (1981) | $3,890,500 | May 2011 | Christie's | New York | Portrait |
| 7 | Cindy Sherman | Untitled #93 (1981) | $3,861,000 | May 2014 | Sotheby's | New York | Portrait |
| 8 | Justin Aversano | Twin Flames #49 NFT (2021) | $3,781,159 | November 2021 | Party Bid | Online | Digital |
| 9 | Gilbert & George | To Her Majesty (1973) | $3,765,276 | June 2008 | Christie's | London | Conceptual |
| 10 | Richard Prince | Untitled (Cowboy) (1998) | $3,749,000 | May 2014 | Christie's | New York | Appropriation |
| 11 | Jeff Wall | Dead Troops Talk (1992) | $3,666,500 | May 2012 | Christie's | New York | Staged |
| 12 | Richard Prince | Untitled (Cowboy) (2000) | $3,525,000 | May 2016 | Christie's | New York | Appropriation |
| 13 | Richard Prince | Untitled (Cowboy) (2001-2002) | $3,401,000 | November 2007 | Sotheby's | New York | Appropriation |
| 14 | Andreas Gursky | 99 Cent II Diptychon (2001) | $3,346,456 | February 2007 | Sotheby's | London | Contemporary |
| 15 | Andreas Gursky | Chicago Board of Trade III (1999-2009) | $3,298,755 | June 2013 | Sotheby's | London | Urban |
| 16 | Cindy Sherman | Untitled #93 (1981) | $3,150,000 | November 2021 | Christie’s | New York | Portrait |
| 17 | Man Ray | Noire et Blanche (1926) | $3,131,533 | Nov 2017 | Christie's | Paris | Surreal |
| 18 | Richard Prince | Untitled (Cowboy) (2000) | $3,077,000 | May 2014 | Sotheby's | New York | Appropriation |
| 19 | Richard Prince | Untitled (Cowboy) (1997) | $3,030,000 | November 2021 | Christie's | New York | Appropriation |
| 20 | Cindy Sherman | Untitled Film Still #48 (1979) | $2,965,000 | May 2015 | Christie's | New York | Portrait |
| 21 | Edward Steichen | The Pond—Moonlight (1904) | $2,928,000 | February 2006 | Sotheby's | New York | Pictorial |
| 22 | Andreas Gursky | Los Angeles (1998) | $2,900,000 | February 2008 | Sotheby's | London | Urban |
| 23 | Cindy Sherman | Untitled #96 (1981) | $2,882,500 | May 2012 | Christie's | New York | Portrait |
| 24 | Richard Prince | Untitled (Fashion) (1982) | $2,853,000 | May 2016 | Christie's | New York | Appropriation |
| 25 | Richard Prince | Untitled (Cowboy) (2000) | $2,840,000 | May 2007 | Christie's | New York | Appropriation |
| 26 | Cindy Sherman | Untitled #153 (1985) | $2,770,500 | November 2010 | Phillips de Pury & Co. | New York | Portrait |
| 27 | Andreas Gursky | Chicago Board of Trade (1997) | $2,507,755 | June 2013 | Sotheby's | London | Urban |
| 28 | Andreas Gursky | 99 Cent II Diptychon (2001) | $2,480,000 | November 2006 | Phillips de Pury & Co. | New York | Contemporary |
| 29 | Andreas Gursky | Paris, Montparnasse (1993) | $2,416,475 | October 2013 | Sotheby's | London | Urban |
| 30 | Andreas Gursky | Chicago Board of Trade (1997) | $2,358,449 | June 2013 | Sotheby's | London | Urban |
| 31 | Helmut Newton | Big Nude III (1980) | $2,340,000 | May 2022 | Christie’s | New York | Portrait |
| 32 | unknown | Billy the Kid (1879–80) tintype portrait | $2,300,000 | June 2011 | Brian Lebel's Old West Show & Auction | Denver | Historical |
| 33 | Andreas Gursky | 99 Cent (1999) | $2,256,000 | May 2006 | Sotheby's | New York | Contemporary |
| 34 | Andreas Gursky | 99 Cent II Diptychon (2001) | $2,250,000 | May 2006 | Sotheby's | London | Contemporary |
| 35 | Cindy Sherman | Untitled Film Still #48 (1979) | $2,225,000 | November 2014 | Sotheby's | New York | Portrait |
| 36 | Andreas Gursky | Los Angeles (1998) | $2,206,701 | October 2017 | Phillips | London | Urban |
| 37 | Richard Prince | Untitled (Cowboy) (2000) | $2,190,000 | May 2021 | Christie’s | New York | Appropriation |
| 38 | Man Ray | Portrait of a Tearful Woman (1936) | $2,190,000 | May 2021 | Christie’s | New York | Portrait |
| 39 | Andreas Gursky | Pyongyang IV (2007) | $2,130,596 | October 2010 | Sotheby’s | London | Urban |
| 40 | Cindy Sherman | Untitled #92 (1981) | $2,112,000 | May 2007 | Christie’s | New York | Portrait |
| 41 | Andreas Gursky | Rhein I (1996) | $2,098,500 | May 2011 | Sotheby’s | New York | Landscape |
| 42 | Andreas Gursky | Frankfurt (2007) | $2,098,500 | November 2010 | Sotheby’s | New York | Urban |
| 43 | Cindy Sherman | Untitled #96 (1981) | $2,070,000 | November 2021 | Christie’s | New York | Portrait |
| 44 | Cindy Sherman | Untitled #92 (1981) | $2,045,000 | November 2013 | Christie’s | New York | Portrait |
| 45 | Andreas Gursky | Rhein (1996) | $1,925,000 | May 2013 | Phillips | New York | Landscape |
| 46 | Richard Prince | Untitled (Cowboy) (1999) | $1,865,000 | November 2024 | Christie’s | New York | Appropriation |
| 47 | Andreas Gursky | Pyongyang V (2007) | $1,851,228 | November 2024 | Sotheby’s | London | Urban |
| 48 | Richard Avedon | Dovima with Elephants, Evening Dress by Dior, Cique d’Hiver, Paris (1955) | $1,815,500 | July 2020 | Christie’s | New York | Fashion |
| 49 | Richard Prince | Untitled (Cowboy) (2001) | $1,812,500 | May 2017 | Sotheby’s | New York | Appropriation |
| 50 | Thomas Struth | Pantheon, Rome (1991) | $1,810,000 | May 2015 | Sotheby’s | New York | Urban |
Top 50 Photo Sales by Auctioneer
- Christie's: 26
- Sotheby's: 19
- Phillips/Phillips de Pury & Co: 3
- Party Bid: 1
- Brian Lebel's Old West Show & Auction: 1
Total Photo Auction Sales Amount by Photographer
- Richard Prince: $31,295,500
- Andreas Gursky: $31,078,415
- Man Ray: $21,741,533
- Cindy Sherman: $20,756,500
- Edward Steichen: $14,728,000
- Justin Aversano: $3,781,159
- Gilbert & George: $3,765,276
- Jeff Wall: $3,666,500
- Helmut Newton: $2,340,000
- Unknown: $2,300,000
- Richard Avedon: $1,815,500
- Thomas Struth: $1,810,000
# of Sales By Era
| Era | Number of Sales | Details |
|---|---|---|
| Pre-1950 | 6 | Steichen’s 1904 images (The Flatiron, The Pond - Moonlight), Man Ray’s 1924 & 1926 works (Le Violon d'Ingres, Noire et Blanche x2), Portrait of a Tearful Woman, and the 1879–1880 tintype portrait |
| 1950–1979 | 4 | Gilbert & George’s 1973 work, Richard Avedon's 1955 work and two of Cindy Sherman’s 1979 film stills |
| 1980–1989 | 10 | Helmut Newton's 1980 work, Several of Cindy Sherman’s and Richard Prince’s works from 1981 and 1985 |
| 1990–2009 | 29 | The largest group—includes most of Andreas Gursky’s, Richard Prince’s, and Jeff Wall’s works from the 1990s and 2000s, as well as some later pieces and Thomas Struth's 1991 work. |
| 2010+ | 1 | Justin Aversano’s 2021 NFT |
Total Sales By Location
- New York: $99,274,000
- London: $24,582,969
- Paris: $3,131,533
- Online: $3,781,159
- Denver: $2,300,000
Notable Ansel Adams Photo Auction Sales
| Rank | Artist | Work | Price | Date Sold | Auction House | Location | Genre |
|---|---|---|---|---|---|---|---|
| 1 | Ansel Adams | The Grand Tetons and the Snake River, Grand Teton National Park, Wyoming | $988,000 | December 2020 | Sotheby's | New York | Landscape |
| 2 | Ansel Adams | Moonrise, Hernandez, New Mexico | $930,000 | October 2021 | Christie’s | New York | Landscape |
| 3 | Ansel Adams | Clearing Winter Storm, Yosemite National Park, California | $722,500 | June 2010 | Sotheby's | New York | Landscape |
| 4 | Ansel Adams | Aspens, Northern New Mexico | $720,000 | October 2024 | Sotheby’s | New York | Landscape |
| 5 | Ansel Adams | Moonrise, Hernandez, New Mexico | $685,500 | December 2020 | Sotheby's | New York | Landscape |
Sources: Christie's, Sotheby's, MutualArt, Artsy
Notable Edward Weston Photo Auction Sales
| Rank | Artist | Work | Price | Date Sold | Auction House | Location | Genre |
|---|---|---|---|---|---|---|---|
| 1 | Edward Weston | Nude, 1925 | $1,609,000 | April 2008 | Sotheby's | New York | Portrait |
| 2 | Edward Weston | Nautilus, 1927 | $1,105,000 | October 2007 | Sotheby's | New York | Still Life |
| 3 | Edward Weston | Nautilus | $1,082,500 | April 2010 | Sotheby's | New York | Still Life |
| 4 | Edward Weston | Shell (Nautilus) | $1,071,000 | May 2024 | Christie’s | New York | Still Life |
| 5 | Edward Weston | Shells, 1927 | $905,000 | March 2014 | Sotheby's | New York | Still Life |
Sources: Christie's, MutualArt, Artsy
Photography Auction Price Analysis
Photography wasn't highly-valued as an art form relative to other art mediums until the mid-to-late 1990s. Since the late-90's prices have exploded into the millions of dollars. Throughout the history of photography sales, aside from 19th-century daguerreotypes, the record-setting photographers have been an exclusive group primarily consisting of Man Ray and more recently, Andreas Gursky. Ansel Adams despite being the most famous photographer in history, is not amongst the highest-value photographers, though most likely due to how many prints he made over his lifetime and since.
The top 20 most expensive photos ever sold is dominated by two sellers (Christie's and Sotheby's). Both auction houses are among the most successful auctioneers in the business. What is curious about this list is that Richard Prince was the "photographer" for six of the top 20. Legendary National Geographic photographer, Sam Abell was the original photographer who made the photos for a Marlboro commercial photography assignment. Prince decided to make photos of Abell's photos then re-sell them as his own. Again, I'll withhold my own opinions on that but perhaps Sam Abell should be co-credited for these print sales? Here is Mr. Abell discussing Richard Prince.
For 11 years, a landscape photo (Gursky's Rhein II) was the most expensive photograph ever sold at auction. Historically, the highest priced photo of all-time would incrementally increase as the years progress but photos by Man Ray and Edward Steichen sold for drastically higher than any photos prior to 2021. It will be interesting to see if that establishes a new threshold for what high-end art buyers are willing to pay for fine art photographs. Just like most things in society, once something becomes socially acceptable then you'll see increased adoption.
Predicting The Next Record-Setting Photo Auction Price:
- Photographer: Andreas Gursky
- Date: 2026
- Sales Price: $15-20 million USD
Time will tell if my data-driven prediction is correct!
Best Selling Fine Art Photography Prints by Richard Wong
As a landscape photographer, my fine art photography has little in common with most of these artists. The closest in style to my work would be Andreas Gursky. Rather than focus on artificially creating ultra-exclusivity on my end, I choose to focus on creating the highest quality fine art prints using exacting standards. There is room in this world for multiple types of art buyers. Those who want to own pricey artwork for the sake of doing so and those who want exquisite-quality artwork that speaks to their soul. My focus is on the latter. If there is an aftermarket for my work after I'm dead then great; my kids would have something to talk about at a cocktail party. Here are a handful of my most popular photos for you to peruse. If any of these pieces speak to you, I'm here to help.
Related Articles: How Art Auctions Work | How To Buy Art At Auction
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