Editioned Prints: How Many Is Too Many?

MEG member and fine art photography collector Tim Hyde continues to share his knowledge and perspective on the role editioning plays in collecting fine art photography.

“Editioning” is really a shortened way of describing a “limited edition,” and means the same thing in offering photographic prints as in books:  a set number of copies produced, usually with each copy numbered and signed.    It denotes that the print will NOT be produced in mass quantities and always implies a degree of rarity.

Beneath the Roses (Woman at the Vanity) - Gregory Crewdson

Sometimes a photographer will offer a “limited edition” with an edition size of several hundred.  Editions this size are usually a marketing gimmick and often reveal either naiveté or amateurishness on the part of the seller (and buyer too, for that matter).   When, rarely, practiced by an established photographer, it comes off as a bit of an insult—at least to most collectors. Mary Ellen Carter, for example, editions her classic black and white prints in the hundreds.  She is a fine photographer, but not very “collector friendly” because of this.

I would argue that, with rare exceptions, editions of more than 25 are really the same as an un-editioned print, at least as an investment.  Keith Carter, another fine photographer, produces beautiful silver gelatins that sell at retail for $1000-1500 in editions ranging from 35 to 50.  With one exception (“fireflies,” which is sold out in silver) his prints can be picked up at auction—for several hundred dollars, tops.  In other words, collectors simply do not consider them “rare”.  He and his galleries set the retail price, but the secondary market sets the auction prices.
 
There are several methods of editioning photographic prints.  One method, which is efficient for both the photographer and the collector, is to have different edition sizes for different prints sizes.  So, for example, Gregory Crewdson offers prints from his series “Beneath the Roses” prints in two sizes and editions:   18x24 in editions of 20, and  55x88 in editions of 6.   Sometimes a photographer will limit the sizes to two, sometimes there are three or four different sizes, edition sizes, and prices.

Another common method for deploying editions is to use “step editions.”   A photographer might set an edition size of 10, for example, but different numbers in the edition would have different prices.  So, prints 1-3 might go for one price, prints 4-6 for a bit higher,  7-9 higher still, and the last print in the edition would go for a lot more than the others.  Once the print is sold out, all ten will presumably be more valuable on the secondary market.  As with many other market-based transactions, the early buyers take the most risk but reap the most rewards.

One final word about edition sizes.  Usually a photographer reserves two or three “artists proofs” (“a/p”) for him or herself.  You can often buy these along with the number prints from the gallery, but more often they are held in reserve by the photographer for museum or special collection acquisitions.  

"Country" By Tim Hyde: A Q&A

Multiple Exposure Gallery (MEG)'s newest members -- Soomin Ham, Tim Hyde and Fred Zafran -- launched their new joint show this week. The images included showcase their different ways of seeing and interpreting the world around us. 

In his part of the exhibit, Tim Hyde offers a new selection of images from his series, Country.  While the images concentrate on rural Nebraska, the series as a whole documents a way of life that is passing across America's rural terrain. The small towns and farms are not really disappearing, but they are going through fundamental changes. Mexican restaurants and convenience stores are replacing the cafes, large industrial farms are replacing the family farm, and schools are consolidating. Rural America isn't disappearing, but it is becoming less quiet and more saturated.
 
Below Tim shares some thoughts on the series and his process for capturing what's before him: 

                                                    (c) Tim Hyde

Why did you choose Nebraska as a subject?
Over the past few years I have traveled around the South, Midwest, and Great Plains.  Logistically, I try to visit America's small towns and rural areas small chunks at a time.  I go to an area, rent a car, and drive around according to a rough plan, staying away from freeways, for three or four days at a time.  You would be surprised how much ground you can cover in four days of driving—even when you stop at every small town along the way. In the past three years I have made four trips to the Great Plains, an area of special interest. 

What is your interest in rural areas?
American's have always had a romantic view or small towns and rural areas, the "myth of the garden."  It is the seedbed—in spirit, at least—of much of what we view as quintessentially American.   Now all of that is changing.  Farming has become a large-scale economic enterprise, and less a family affair.   Small towns are changing dramatically, dying in some cases, consolidating, and certainly becoming more ethnically diverse.    I have an interest in capturing a way of life that is passing as well as the new rural America that is emerging. 

On another level, I've always had an interest in the interplay between nature and humans, the "battle" between mankind and Mother Nature.  I operate on the premise that nature will win.  Still, I'm fascinated by those places where humans live on the edge, places where nature is big and man's works are small:  such places as Iceland, northern Canada, and deserts.  The Great Plains is such a place, especially in winter. 

                                                              (c) Tim Hyde  

Do you interact with the local people when you shoot?  
Not intentionally, as a rule.  Unless I have a specific question or need to solve a particular mystery, I do not talk to the local folks; I let the visuals explain themselves. I also attempt to avoid shooting people in my work because it can make the subject more melodramatic than I intend.   Of course, people do come up to you often and ask what you are doing.  Interestingly, these are unfailingly friendly inquiries in the West and Midwest, but sometimes hostile and suspicious in the South.  Honestly, this is perhaps the most dramatic regional variation I have found when shooting in small towns and rural areas around the country. 

What equipment do you take with you on the road?
 I use a 60 megapixel Hasselblad on a tripod, and occasionally a 35mm SLR handheld.    I am unconstrained in rural areas, so can take the far shot with a shorter lens, putting a farm in perspective. I am more confined in small towns and along Main Street—parked cars are my biggest hazard.  If I had all the time in the world, I would only shoot small town Main Streets on Sunday mornings when they are empty.  I tend to use my Hassey and a 28mm or 35mm, again locked down on a tripod. 

Where to next?
I am headed to Cape Breton and Nova Scotia for a week of shooting next month, then, in the spring,  I want to make a trip to Alaska to shoot the tsunami debris as it makes its way onshore from the earthquake and tsunami in Japan in 2011. 
 

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MEG's New Member Show is on exhibit at Multiple Exposures Gallery at the Torpedo Factory Art Center in Alexandria, VA through March 24th. An opening reception will be held Sunday, February 17th from 2pm-4pm at MEG.

Editioning Photographic Prints – Part 1

(c) Tim Hyde

When it comes to collecting fine-art photography, MEG member Timothy Hyde is our resident expert. Tim holds exceptional works from both emerging and well-known photographers, including Arbus, Mann, Winogrand, Eggleston and many others.  In a series of blog posts, Tim is sharing his thoughts on collecting in today’s rapidly-evolving art market. This month he covers “editioning,” a topic that can be both complicated and controversial.

If you’re a serious fine art photographer, should you “edition,” or sign and number your prints? The topic of editioning often sparks debate among photographers and collectors alike.

The biggest argument for editioning is that many serious collectors pay close attention to whether a photographic work is signed and numbered (i.e., part of a limited edition) and how it is editioned (i.e., how many prints are in the edition). Collectors care because editioned prints are more likely to increase or hold their value in the secondary art market, an important consideration for individuals who consider fine art photography an investment.

Understanding the distinctions between primary and secondary art markets is important when discussiong editioning. The primary art market is the retail market, the market where art is sold by galleries or directly by the artist.  Work sold in the primary market benefits the artist directly, with a commission going to the gallery.  The secondary market is the market where art is resold by collectors and others who have acquired it either in the primary market, by gift, inheritance, or elsewhere in the secondary market.  Secondary markets can be estate sales, art-house auctions, eBay, or resale/consignment by a gallery.

The secondary market offers some distinct advantages for the photography collector who considers his activity, partly or wholly, an investment decision.  Prices, at least theoretically, reflect real market value, not the speculative value set by a gallery and artist,  Nor does it include the often hefty gallery markup.

The goal for every artist is to see his or her work sold in the secondary market at prices higher than the retail market.  This not only suggests that artist has “arrived,” but it creates interest—even buzz—in an artist’s work at retail.

A living fine-art photographer who does not edition can raise prices, but will rarely see his or her work appreciate because there is no rational market mechanism to push prices up.  Why would a collector pay more for a work at auction or on eBay than one can buy it for directly from the artist or from his or her gallery?   There is, by definition, no possibility for demand to exceed supply, because the supply is unlimited, and cannot be limited until that artist dies.   (There are exceptions.  Sometimes an artist will withdraw or “retire” a print, immediately capping the number of prints available.   In rare cases with established artists, this increases interest in that work.)

Now, there are plenty of examples of a photographer’s work selling for less than retail in the secondary market—on eBay, for example.   The sad fact is that most galleries are reluctant to buy back an artist’s work, especially and almost without exception a living artist’s uneditioned work.   This is less true at the high end, and with editioned work, because it is the gallery’s interest to see prices stabilized and NOT fall below retail value.

Coming Soon: Part II – the editioning process

Collectors Corner: Building Relationships

MEG member Timothy Hyde collected fine-art photography for years before he took up a camera.  Over the past two decades, he has built an extensive collection that includes works from emerging and well-known photographers of the 20th and 21st centuries, including Arbus, Mann, Winogrand, Eggleston, and many others.  Tim shares his thoughts here and in subsequent posts on some of the opportunities and pitfalls in collecting fine-art photography in the rapidly-evolving art market.  

"Mother Nature Occupies Freedom Plaza"                (c) Tim Hyde

I believe in the gallery system for photography collecting.  It is a recent phenomenon in the scheme of things--one that is experiencing extreme stress right now from the Internet and the economic malaise --but it is a system likely to survive.  For the collector, galleries act a filter, an intermediary between the collector and the artist, and a source of art education.

That being said, galleries should not be seen as locked gates between the collector and the artist.  In fact, I urge all collectors, new or old, to establish a direct relationship, where practical, with all the living artists whose work they collect.

I almost never buy a fine-art photograph without contacting the artists (assuming he is still alive and sober) to establish some kind of relationship.  Usually this happens after I purchase the work, but occasionally before.

How does one contact an artist one has begun collecting?  First, ask the gallery where you bought the work.  There is something wrong if they don’t give you contact information.  If that doesn’t work, go to the photographer’s website where  there is almost always a “contact” page.  Then you can email the photographer, introduce yourself, and explain that you have just purchased some of his or her work.  Typically, I will ask a simple question about the work I just acquired.

You can also befriend your photographers on Facebook, get on their email lists, and otherwise begin to track the progress of their careers.   I often take this a step farther and make an attempt to meet the photographer.  One shouldn’t stalk an artist, but I seek out such public events as panel discussions, book signings, or gallery openings to find a time when I can meet and have a quick chat with a photographer I collect.

Why is any of this important?  It vastly enriches the collecting experience to know something about an artist, to know the trajectory of his or her career, know the critical response to the work,  have some idea what is coming next., and to have engaged him or her personally  It makes one a smarter collector…and it makes the whole experience more fun.  “

Forming a relationship—even a reserved one—can open up opportunities occasionally, such as early chances to purchase new work, opportunities to buy limited editions or copies of the artist’s books, advance notice of gallery changes and occasionally the opportunity to help underwrite a project or body of work. (More about that in another post.)

Over the years, I have gotten to know a number of photographers whose work in my collection.  Some of them have become friends, including a couple of close friends.   In my mind, it is part of the process of being a serious collector.

Collectors' Corner: Finding A Guide

MEG member Timothy Hyde collected fine-art photography for years before he took up a camera.  Over the past two decades, he has built an extensive collection that includes works from emerging and well-known photographers of the 20th and 21st centuries, including Arbus, Mann, Winogrand, Eggleston, and many others.  Tim shares his thoughts here and in subsequent posts on some of the opportunities and pitfalls in collecting fine-art photography in the rapidly-evolving art market. 

The sale of photographic works in traditional galleries is a fairly recent phenomenon.   In 1975 there were probably fewer than five such galleries in the entire country.  Sadly, perhaps, the explosion of fine-art photography galleries in the 90’s has become something of an implosion in the past four or five years.   Partly due to the economy, partly due to competition from online forces (as in so many other areas of commerce), the gallery world is contracting.   The art scene has also become a lot more complicated and less straightforward. 

                                                                 (c) Tim Hyde

For the collector of photographic prints, this is both a problem and an opportunity.  It is a problem because the emerging collector used to be able find a seasoned gallerist who would not take advantage of the emerging client, but who would act as a guide…helping the client build his or her collection not only from within that gallery, but also through multiple other sources. Now the collector is increasingly forced to rely on the various online and ad-hoc resources available.The opportunity part comes with the huge expansion of online galleries and resources, the growth of “cooperative” galleries like Multiple Exposures Gallery, and the increase in the range and number of art fairs around the country.   

It is an exciting time for the collector willing to invest the time necessary to navigate this complicated world and to seek advice from those who have adjusted to the new environment. A local example of this development is Kathleen Ewing.  For many years, Ms. Ewing operated Kathleen Ewing Gallery, one of the most prestigious fine-art photo galleries in the country.  Situated in the Dupont Circle area, her gallery was, in fact, was one of the earliest specializing in photographic works of art.   Ms. Ewing closed her stand-alone gallery in 2009, and now works out of her home in Northwest DC.  She still represents a number of prominent photographers, still mounts exhibitions, still shows work, but now by appointment only...or, as elsewhere, online.  While the physical gallery may be gone, Ms. Ewing is still an essential guide for emerging collectors in the metropolitan DC area. A cup of tea and a discussion or two in her home is a great way to get started.