Photography Review: January 2023
Photography is turning around: $2M in sales, +116% in 2 months. Guido, Cherniak and Justin = 50% of total. Top performing collection: By Way of Water +3X. Breakout artist: Laurent Castellani +5X.
Photography is turning around: Volumes grew 43% in January, reaching 1,470 ETH ($2M). Volumes are +80% in ETH (+116% in USD) from November lows. Secondary volumes were especially strong – 860 ETH ($1.2M) in January vs 300 ETH ($450,000) average in prior 5 months – and accounted for 61% of total volumes vs 32% average in prior 5 months. Three collections – Guido editions, Light Years by Dmitri Cherniak, and Justin Aversano’s new collection of Polaroids Every Day Is a Gift – accounted for half of total volumes. Demand for premium 1/1 artwork remain strong: sales on SuperRare totaled 320 ETH ($500,000), in line with prior 3 months.
Building multi-million dollar brands with editions: Editions – multiple copies of the same artwork – accounted for 480 ETH ($690,000) of total sales. For a long time, editions’ use cases were limited to providing an affordable entry point into artist worlds. Unlike unique collections pieces or premium 1/1s, editions weren’t seen as artwork that could accrue value. However, as NFT technologies evolve and their applications expand, editions are starting to take on the role of currency, unlocking new utility and rewarding holders. One artist who’s extracted maximum value out of editions to reach a broader audience and elevate his brand is Guido Di Salle. In less than a year, his editions became 3rd largest photography collection. What’s even more remarkable is that Guido barely grossed anything. The bulk of value accrued to collectors who believed in him and supported him early on. (Read how Guido is creating $$$ millions of value for his collectors in my deep dive.)
Creating value through collaborations: 2022 was a difficult year for collectors as over 90% of collections lost value. January wasn’t any better. There’s limited demand for photography. Over 80% of sales accrues to the top-10 artists the majority of whom began to price their work below their 2022 levels. There are several exceptions. Collection By Way of Water soared 3X after Kristopher Shinn surprised his holders with unique artwork he commissioned from such leading digital artists as Terrell Jones. (Read more about in my deep dive.) Editions by Oveck and Brooke DiDonato maintained their upward momentum. Finally, Laurent Castellani set a new ATH for his 1/1: 10 ETH ($15,000), up from 2 ETH ($3,000) in November.