2025, the most expensive photographs of the first half of the year.
Photography ‘remains a niche market compared to contemporary art, [but] it is clear that some photographic works can fetch spectacular prices.’ This statement by Florence Bourgeois, director of the Paris Photo fair, clearly illustrates the price trend for fine art photography, which reached impressive heights in the first half of 2025.
The most expensive photographs maintained their value in the first half of 2025: four works in the top ten exceeded one million dollars. In 2024, there were only two. Trophy lots, surrealism and American colour remained strong.
What were the most expensive photographs of 2025?
The top lot of the half-year was a photograph by Man Ray (1890–1976), Noire et blanche from 1926, a wonderful portrait of a model (his muse Kiki de Montparnasse) wearing an African mask, which had already been auctioned for $396,000 in 2007, shown here at the beginning of the article. This time, it fetched over seven times that amount, $2,878,148 including commissions, driven by collectors’ rush for the most prized and legendary pieces of surrealism. The print (silver gelatin, first made in 1926 and printed no later than 1935) was sold at Sotheby’s London Modern & Contemporary Evening Auction on 24 June 2025 (starting estimate $1.5-2 million).
In second place in the first half of 2025 is another blue-chip name in the rankings of the most expensive photographs: William Eggleston. The American master of colour is represented on the list with two images, in second and tenth place. On 18 March 2025, Phillips New York sold the entire set of 101 dye-transfers Los Alamos (1965–74; edition 2001–07) for $1,875,000, setting an auction record for the artist. At the same auction, Memphis (Tricycle) (1970) fetched $420,000. This is a record for a dye transfer of that image and format. However, the subject has been auctioned several times, always fetching record prices. In particular, it was the most expensive photograph of 2023.
Pictures Generation
The artists of the Pictures Generation also left their mark: Richard Prince and Barbara Kruger are both featured twice. Richard Prince in particular took two spots with two famous Untitled (Cowboy) works: $1,502,000 for the 2016 version (Christie’s, New York, 14 May 2025, lot 40B) and $1,392,000 for the 2000 version (Sotheby’s, 15 May 2025).
It is confirmed that, in a selective market, iconic and immediately recognisable subjects are better able to withstand volatility, especially if the format, print quality and origin are impeccable (as in the case of these photos).
Also from the Pictures Generation stable, Barbara Kruger brings two historic works into the top ten: Untitled (Love for Sale) (1989), which sold at Sotheby’s Evening Sale on 15–16 May 2025 (estimate $600,000–800,000), and Untitled (You Are Not Yourself) (1983), offered by Christie’s in its 21st Century Evening sale on 14 May 2025. The prices achieved were $787,400 and $756,000 respectively, confirming the museum appeal of these manifesto works, in which text and image merge into a poignant social commentary.
The dual presence of Kruger and Prince’s authority indicates that collecting rewards key figures in appropriation and media criticism, especially in large-scale versions and attractive editions.
The great classics, above fashion
Among the modern classics of American photography, Ansel Adams continues to reign supreme in the hearts of collectors with Moonrise, Hernandez, New Mexico: on 3 April 2025, the print (1941/c.1942) led Sotheby’s online sale, reaching $635,000 (top lot). This result is in line with the rarity of the best vintage prints and the recognisability of the image.
Just below Adams, Diane Arbus enters the ranking with $630,000 for her famous Identical twins, Roselle, N.J. (1966–69); a result that restores the pace after the all-time record set in 2024 at $1.2 million for a “gift” print (Christie’s, New York, 14 May 2024).
Hiroshi Sugimoto, the meditative exception in five panels among the most expensive photographs of 2025
Hiroshi Sugimoto completes the list of the 10 most expensive photographs of the semester with The Last Supper (1999), a monumental work in five panels. Phillips sold it for $533,400 (in line with the estimate of $400,000–$600,000), confirming the interest in his most iconic series when presented in museum formats and in exemplary condition.
In perfect line with the art market trends for the period, the $1–10 million range shows a slight upturn. The overall market context for 2025 therefore shows a contraction at the top end, but signs of stabilisation, if not growth, in the mid-to-high range. This is the area where, in photography as in art, according to art advisors, the “right” trophy works are positioned.
| Pos. | Artist | Life | Title | Year | Price (USD) |
|---|---|---|---|---|---|
| 1 | Man Ray | 1890–1976 | Noire et blanche | 1926 | $2.878.148 |
| 2 | William Eggleston | n. 1939 | Los Alamos | 2002 | $1.875.000 |
| 3 | Richard Prince | n. 1949 | Untitled (Cowboy) | 2016 | $1.502.000 |
| 4 | Richard Prince | n. 1949 | Untitled (Cowboy) | 2000 | $1.392.000 |
| 5 | Barbara Kruger | n. 1945 | Untitled (Love for Sale) | 1989 | $787.400 |
| 6 | Barbara Kruger | n. 1945 | Untitled (You Are Not Yourself) | 1983 | $756.000 |
| 7 | Ansel Adams | 1902–84 | Moonrise, Hernandez, New Mexico | 1941 | $635.000 |
| 8 | Diane Arbus | 1923–71 | Identical twins, Roselle, N.J., 1966 | 1966–69 | $630.000 |
| 9 | Hiroshi Sugimoto | n. 1948 | The Last Supper | 1999 | $533.400 |
| 10 | William Eggleston | n. 1939 | Memphis (Tricycle) | 1970 | $508.000 |
Source: Artnet Intelligence Report, first half of 2025
