Book excerpt: *Photography and the Art Market* charts the transition of photographs created for aesthetic ends from a hobbyist pastime to a core component of the international fine art scene. This essential handbook explores the structural elements that supported this shift (including dedicated galleries, museum and private collections, festivals, fairs and academic scholarship) and appraises the state of the market for photography today. It is a must-read for all involved in the photography world, including curators, students, dealers and private and institutional buyers.