Million Dollar Babies : Identifying And Analyzing Million Dollar Photographs Sold At Auction From 2005 Until 2011

The market for fine art photography has escalated in recent years, with 41 photographs – the Million Dollar Babies – selling for over a million dollars at hammer price during live auctions between 2005 and 2011. These photographs represent the culmination of a long process whereby photography has assumed a place in museums and auction houses alongside other traditional art forms. This thesis seeks to provide a general understanding of this process, assessing the role of museums, galleries, and collectors in shaping the medium; more specifically, this thesis will examine the 41 photographs and the 12 photographers responsible for their production in an analysis of the variables that affect the financial value of fine art in general and photography in particular.