How To Collect Photography

Photography has been around for almost two centuries, but only recently has it been considered a fine art. Photographs are less expensive than paintings—the record price for one is $2 million, compared to over $100 million for a canvas—but that differential is rapidly shrinking, so now is a good time to get started.
• Expose yourself. Take the time to visit museums, galleries, and auction houses. Photograph magazine lists all of the American galleries, and the better ones usually take out full-page ads. Gallery owners often have the time, knowledge, and inclination to talk to a potential client. (You're not likely to get that kind of personal attention at an auction house or art fair.)
• Ask the right questions. If you're interested in a photographer's work, ask about print runs, books published, and which museums own the artist's work. In the not so distant past—the 1970s—traditional photographers might do large or even unlimited editions. Henri Cartier-Bresson and Ansel Adams sold thousands of prints of their best-known images, but because of the quality of their work, it never saturated the market. Art photographers such as Cindy Sherman and Richard Prince, and other contemporary photographers, typically sell work in much smaller editions.
• Trust your instincts Allow yourself to discover what really appeals to you. Whenever we do a show, the crowd favorite is usually the best photograph. Don't be afraid to be adventurous. Beginning collectors often fall into the trap of assembling a greatest-hits collection—acquiring only iconic images. Look for photography in which the artist somehow furthered the medium. Some young photographers to watch are Idris Khan, Beate Gutschow, Tanyth Berkeley, and An-My Le.
• Pick a genre. As you build a collection, stick to a broad theme rather than a specific one or none at all. Fashion photography, for example, is definitely a booming area, but don't limit yourself to shots of models on beaches. Building up a range of fashion photographs from the midtwentieth century to the present might be smarter. Works from countries outside of America and Europe are also worth exploring, as are contemporary color pictures. There used to be a prejudice against color photography, but now it's as hot as black-and-white.

[source: An Interview With James Danziger
Danziger is the founder of Danziger Projects, a Manhattan-based photography gallery. He has shown work by Annie Leibovitz, Abelardo Morell, and Paul Fusco, among others.]