For them, the most desirable are vintage prints made by the photographer as close as possible to when the photo was shot, says Paul Sack, a San Francisco real estate investor who is a major collector. After that come later prints made by the photographer, followed by prints done posthumously or by an assistant during the photographer's old age. Serious collectors usually don't want contemporary prints from an edition of more than 25 or so. Kelly Close, a San Francisco collector who is a medical technology research analyst for U.S. Bancorp Piper Jaffray, recommends closely tracking photographers you like so you can buy one of the first prints in a new edition. The price tends to rise as an edition sells out.
Many collectors choose a theme.
Michael Wilson, a London movie producer who has one of the world's biggest collections, favors vintage prints from the first 30 years of photographic history. Lately, he has been buying 19th century ethnological pieces from places such as China and the Middle East featuring people being photographed for the first time. Kelly Close suggests joining a museum auxiliary such as Foto Forum at the San Francisco Museum of Modern Art. Collectors also monitor the spring and fall photo auctions at Christie's and Sotheby's. Gathering intelligence is crucial because print quality varies widely.