Historical distance can provide a helpful perspective on things and circumstances that have become all too familiar and, thus, remain unquestioned. The art market for photography is such a case. Today, galleries worldwide sell photographic pictures alongside paintings and sculptures. Art fairs in Paris, London, and New York City do not just offer business opportunities for artists specializing in photographic media. The fairs themselves are specialized annual events aimed at an audience exclusively interested in looking at—and buying—photographs. Sales prices can be remarkably high, and that of Le Violon d’Ingres (1924) by Man Ray represents a breathtaking example. In May 2022, the auction hammer for this photograph fell at a value no less than $12.4 million (US). For now, this single picture, measuring 19 × 14 3/4″, is the most expensive photograph ever sold. Is this astonishing sum the answer to a question raised by Jerald C. Maddox? Already in...

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