Sometimes the asking price in a swank gallery merely informs you that a sucker is born every day. I have literally met people who came to the US to invest in "fine art" returning home with black velvet paintings. But even those weren't half as hokey as some of the "fine art" photos I've seen for sale for five figures in glitzy tourist galleries. At one point, I had wholesale price lists of mass-produced posters that were selling for thousands a dollars apiece in galleries in places like the SF waterfront. In many cases, they weren't worth anywhere near as much as the frame they were put in, maybe only ten to fifteen bucks wholesale. But suckers would get talked into "investing" in such trash. Reminds me of my cats. The smallest cat bluffs and fluffs and yowls the best, so can chase off a tomcat four times her size.
The problem is in essence financial. I may have impeccable taste, but if I only have £200 to back up my taste, that figure will put much of the work I like outside my budget. There may, indeed certainly will be work I can afford, especially if I look around student shows, but for an original print by a named photographer I'd need to increase my spending power by a factor of 10.
Of course I may not have impeccable taste, I may be jaded by seeing the 50th shot of El Capitan by A. Nother with a large format camera, or a Karsh-alike portrait and seek the next big hit of navel fluff taken on an endoscope, but that's taste for you. It's frequently the case that people with money have no taste, and require an arbiter to inform them what current taste consists of. Depending on their social aspirations it could be a beautiful portrait of an exquisite young woman or an edgy one of an autopsied head in a rose bowl. I don't buy
a fool and his money are soon parted as an exclusively artistic phenomenon, I'd say art stands up pretty well against other investments and for some good reasons and some less good ones. If An Acknowledged Collector says an unmade bed is worth £50000, it's unlikely it will ever be worth less, and the odds are it will probably be worth a great deal more when he chooses to sell it. Who's the sucker there?
So who gets to decide? Who says photograph A is worth ten grand and photograph B is worth ten pence? In the pecking order of agreed greatness, skill and technique fall pretty low on the scale, as I've been at pains to point out. Concept, artistic vision, a certain chutzpah, persistence and a catalogue of esteemed buyers rank much higher than whether palladium and a wood and brass 10 x 8 camera were employed in its making. Of course neither of those things exclude an image attracting such buyers, but they can be a dead end that leaves the photographer wondering "why not me?" when he fills in his tax returns.
Footnote: One of the more interesting developments in photography in recent years has been a wider appreciation of the photographic book. These are often beautifully designed, have more effort expended in their presentation than many gallery shows and can be had for £30 to £80. I'm an avid photo book buyer, and I doubt a single one is worth less than I paid for it, and some are worth many times more. Photo books are a way photographer and buyer can exercise their taste and vision without needing the mediation of a curator.