Irving Penn, whose photograph of gingko leaves also carries a high estimate of $500,000 at Christie's:
And Robert Mapplethorpe, whose striking and (very) NSFW photograph of a man's suit and genitalia carries a high estimate of $350,000 at Sotheby's:
Not exactly stellar performance, yet these photographers are, without hyperbole, some of the most important artists, bar none, of the past 100 years. Sure, the lots are a lot of money, but once collectors begin to catch on to the bear market, it's probable that the photos will soon be worth a lot more. The fall photography auctions will tell us whether this will continue to be a great time to invest in this undervalued art form.