It seems too early to know what the real effects of the recession are going to be. At the time of writing, we have only witnessed the initial stages, but things have already been difficult. The competitive secondary market is obviously dominant due to intensive reselling by ready-made collectors who did not have the time to educate themselves while buying on a massive scale. Most of them will not be coming back. They simply had surplus funds available and collecting photography was a highly accessible and very fashionable option.

The remaining core collectors are being troubled by a market swamped with numerous editions and other items. Auctioneers have been transforming themselves into gallery-owners. I know that collectors see this as an excellent opportunity to consolidate what they have already accumulated, on a cheaper market where rare and previously unavailable items are now left without bidders in auctions.

Genuine collectors are unanimous in the belief that one should keep on buying, but less and only at greatly reduced prices. Most say they do not care, but they do ask to pay by instalment if they commit to anything. Some are reselling their surplus stock in order to continue buying. As far as investment is concerned, my most innovative buyer has offered me his best advice, which is to buy nineteenth-century photography. Fifteen years ago there were a great many photographs on the market at very low prices, and now this sector is rising sharply in value.

This has been confirmed by the fact that classics of contemporary photography have been selling better (in my case the secondary market, including Vitali, Ruff and Avedon), and, from our own line-up, the Iranian Shadi Ghadirian, due to events in her native country, as well as the Anglo-American duo of Kahn and Selesnick, thanks to the poetry and originality of their panoramic prints. The feeling is that it is the more conceptual photography that suffers the most. Advisors, though they are currently being consulted less, will now not risk suggesting any emerging photographers. As a gallery owner, one must out of necessity consolidate the close relationship of trust with the collector so as to rekindle his desire to buy. It is all a question of reawakening his enthusiasm by putting a spotlight on a market that has never gone away. When your activity involves exhibiting emerging or mid-career artists, you have to rely not only on a privileged relationship with the buyers but also on their growing or new appreciation of the work offered. The collector’s faith in the gallery is most important, but regular and precise communication comes a close second. The most difficult part is to attract them into the gallery so as to introduce the work properly. I always think it is better to present work in the gallery than at an art fair. If buyers have a genuine interest in the work, they will study the documentation we offer them and perhaps even ask to meet the artist. Buyers are more cautious in what they concentrate on, but they are still seeking to make discoveries, though perhaps not as spontaneously as in the past. They relish a surprise but are less impulsive and more reflective in their buying. It is up to the gallery to create the best opportunities for them to see work and offer extremely advantageous conditions. Even if the highly but irregularly financed museums and art centres receive most of the attention, the best galleries will keep on working and will communicate with everyone, including these institutions, which have always helped provide the art world with a guarantee of a work’s quality.