Photography: 2022 Review
Volumes reached 22,000 ETH ($47M), +33% YoY, despite difficult year. Top-10 collections returned 3X, but 90% lost value. 40 photographers set new ATH on SuperRare. Read for more insights.
Photography volumes grew 33% in 2022, reaching 22,000 ETH ($47M). Impressive result despite a difficult year. It was a dynamic year. We saw the rise of curated collections which onboarded over 1,000 new collectors into the space and created a vibrant secondary market. Premium artwork came into play as the market slowed, acting as a safe haven for those who still believed in the future of digital art. We finished the year with an explosion of editions which not only lowered the barriers to collecting art, but also allowed artists to expand their families of patrons, experiment, and earn a living during these difficult times.
50+ photographers rose to stardom in 2022, earning over 50 ETH ($100,000) despite the difficult market. Over 100 photographers joined SuperRare and sold their work through the premium platform. 47 photographers fetched over 5 ETH for their 1/1 work and 40 photographers set new ATH records. Overall, photographers grossed 13,000 ETH, or $27 million, of which 10,000 ETH was earned by the top-50. Although earnings concentration remains high, it declined steadily since September.
90% of collections lost value. It was a difficult year for collectors. Over 90% of collections lost value as the liquidity dried up in the second half of the year. Only 10 major collections traded above their 2021 levels. Drift’s iconic collection Where My Vans Go continued its meteoric ascend reaching 43 ETH floor as of the end of 2021. Dave Krugman’s colossal 1,011-piece collection Drip Drop released earned 2.5X collectors who bought into it at mint in May. Monaris, Samantha Cavet, and Billy Dinh saw the value of their collections appreciate 2X-3X.
2022 laid a strong foundation for future growth of photography on blockchain. We now have 3,000+ collectors and 1,000+ photographers earning a living. Six photographers sold their work at the prestigious Christie's and Sotheby's auctions. Five photographers debuted digital collectibles on Instagram selling out in under 10 seconds. Photographers experimented with other mediums such as AI and generative art. Artists founded startups, launched galleries, and built communities, forming a strong foundation for thousands of creators to thrive in web3.
Sales reached 22,000 ETH, or $47 million, which is 33% more than 17,000 ETH, or $53 million, in 2021. The second half of 2022 was understandably difficult, with total sales of 8,500 ETH vs 13,500 ETH in the first half. 3-month trailing volumes declined 64% in 4Q versus the peak in April.
Royalties weren't a sustainable source of income for photographers for two reasons.
First, liquidity dried up significantly in the second half of the year as the market slowed down. Share of secondary sales as % of total volumes dropped from 58% in 1H22 to 31% in 2H22. Second, secondary sales were dominated by ten largest collections which accounted for 85% of total volumes. Hence, 800 ETH of royalties which photographers earned in 2022 were largely concentrated among select few artists.
Over 50 photographers earned 50 ETH ($100,000) or more in 2022. Overall, photographers grossed 13,000 ETH, or $27 million, of which 10,000 ETH was earned by the top-50. Although earnings concentration remains high, it's been steadily declining since September.
Isaac “Drift” Wright topped the list of highest grossing photographers in 2022. His open edition First Day Out released in April grossed over 2,000 ETH in 24 hours. Dmitri Cherniak’s collaboration with the estate of László Moholy-Nagy produced the highest grossing collection of 100 generative photographs which grossed 2,500 ETH in a Dutch auction in December. Onboarded by Fellowship Studio, legendary photographers Guy Bourdin and Gregory Crewdson released their iconic work on SuperRare and became top-5 grossing artists on the platform. In partnership with Sotheby’s, acclaimed Brazilian photographer Sebastião Salgado released the largest collection of 5,000 photographs in September, grossing almost 1,000 ETH.
2022 was a difficult year for collectors. Only 10 major collections traded above their 2021 levels, with 90% of collections losing value in 2022.
Drift’s iconic collection Where My Vans Go continued its meteoric ascend reaching 43 ETH floor as of the end of 2021. Photograph #0 was auctioned off for 100 ETH setting the record for the collection. Dave Krugman’s colossal 1,011-piece collection Drip Drop released earned 2.5X collectors who bought into it at mint in May. Monaris, Samantha Cavet, and Billy Dinh saw the value of their premier 1/1 work appreciate 2X-3X which drove the demand for their debut collections.
2022 was a blockbuster year for editions which grossed photographers 2,600 ETH, or $7.2 million. Excluding Drift’s 10K open editions which grossed 2,000 ETH in April, photographers netted 600 ETH from the sale of editions in 2022.
Top-10 photography editions increased in value 2.5X. The majority of editions which accrued value are those released by artists in the early part of the year. Among them are Guido, Cath Simard, Reuben Wu, Jord Hammond, Ayla El-Moussa, and Billy Dinh. Summer Wagner, Brooke DiDonato, and Israel Riqueros released their editions in the final two months of the year and saw their value skyrocket driven by the artists’ strong momentum with their 1/1 artwork.
Fifteen photographers set new ATH for their premium 1/1s on SuperRare in 2022. On average, their ATH prices increased by 61%.
SuperRare onboarded over 100 new photographers onto its platform in 2022, over 90% of whom had their first sale.
Among the standouts and artists with strongest momentum on SuperRare in 2022 are Ben Zank (1 ETH → 17.3 ETH), Ben Skaar (2 ETH → 9.2 ETH), Cyber Yuyu (4.5 ETH → 9.1 ETH), Samantha Cavet (4 ETH → 8.1 ETH), and Brooke DiDonato (2 ETH → 8 ETH). Legendary photographers Guy Bourdin and Gregory Crewdson set records for their 1/1 work, fetching as much as 50 ETH and 25 ETH, respectively.
Six photographers sold their work at most prestigious auctions in 2022. Drift sold his artwork at Sotheby’s for £201,400, more than 10X its high estimate. Diana Sinclair grossed almost $100,000 from the sale of her artwork at Christie’s. Reuben Wu exhibited his work at Sotheby’s Asia, while top-10 photographers Cath Simard, Ayla El-Moussa, and Dave Krugman auctioned off their work through Christie’s recently launched web3 platform at Art Basel Miami.
One of the most important developments was Instagram’s entry into web3. The social media giant launched its platform to mint and sell digital collectibles. Drift became the first creator to offer his work to Instagram users. Priced at $999, 50 editions of his photograph grossed sold out in 10 seconds. Three other photographers who followed suit – Diana Sinclair, Dave Krugman, and Eric Rubens – experienced similar demand, selling out their editions in under 10 seconds.
As difficult as 2022 was, the year laid a strong foundation for future growth of photography on the blockchain. We now have over 3,000 collectors and 1,000 photographers. Over 100 photographers debuted on SuperRare. Over 50 photographers earned $100,000+. Christie's & Sotheby's became active players in the space. And there is so much more to celebrate.
There is a lot of work yet to be done. To create a truly global digital art market that is fair and equitable and 100X larger than today, we need to make it attractive, engaging, and safe for millions of those who are not yet in crypto to enter the space. Anybody can make a difference by educating their friends and colleagues about web3 and the new generation of art, sharing about artists you admire, taking them to exhibits (IRL and online), helping them buy their first artwork on the blockchain, and more.
The majority of people in web3 are motivated by short-term profits. As volumes dried up, many of these speculators left the space, dumping grails at bargain prices. This was a unique opportunity for collectors with dedication and long-term mindset to pick up some of the most significant works in the history of photography on the blockchain. In traditional photography, it takes 10-20 years for artwork to accrue 2X, 5X, and even 10X value. It’s still early days for photography on the blockchain which I’m certain will follow in the same footsteps.
Always great deep dive into the data thank you Tim. You are providing an invaluable resource to collectors and artists much appreciated.