A Blue Period For Art Buyers

Peak prices have many collectors biding their time

Londoner Michael G. Wilson, a producer of James Bond movies, is a renowned photo collector. But these days, when he peruses the offerings of dealers, he's often shocked to find classic works by such artists as Man Ray or Gustave Le Gray priced at $500,000 or more. "I used to say a good photo cost the price of a used car," Wilson says. "Then it was a new car, and then a condo. Now, it's measured in houses."

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