Photography is a relatively young media, that was invented in the early 19th century. The main contributors to the invention of photography were Henry Fox Talbot, Louis Daguerre and Joseph Nicephore Niepce, who made the first known photograph in 1825. Since 1890 photography transitioned into its own form of art, comparable to more classic forms.
However, as photography is still in its beginnings the best artwork can be acquired for comparatively low prices. In 1980 the New York Times heralded the discovery of photography as being suitable for financial investment as the most important ongoing in the art market. For the past 30 years photography has been present in major international auctions and art fairs with increasing popularity.
This is readily evidenced by the increase of sales from renowned auction houses: in the year 1981, 1,927 photographs were auctioned, compared to 7,632 in the year 2005. The total value of photography sold in auctions worth more than USD 5000 during the period 1981-1982, was USD 823,334. This figure represents not even 1/3 of the most expensive photography auctioned in 2006.