Art: The Photo Boom

Collecting great art has always been a rich man's hobby, the province of the Medicis, the Morgans and the Mellons. For others, the only time the price is right, or at least affordable, is that fleeting moment between discovery and celebrity. The early part of the century, when a now famous Picasso etching could be had for $20, was one such time. The late '50s, when a Rauschenberg painting cost less than $1,000, was another. For photography that golden moment was, almost literally, just yesterday.

Consider the market history of the late Paul Strand's...

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