My guest today is Michael Lee. Michael is a dealer in rare photographs and the director of Lee Gallery. Today, he takes us on a tour across this under-the-radar market. We talk about the difference between the primary and the secondary market, the buy side, and tastemakers. We also cover his process for finding buyers, pricing inventory and his view on NFTs. This is exactly the kind of esoteric market I wanted to explore when we transitioned the show to Making Markets, and I hope you enjoy this conversation with Michael Lee. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx  Show Notes (00:02:22) - (First question) - Steps to becoming an art dealer (00:04:22) - Examining funding aspects for art dealers (00:06:21) - The function of independent art traders (00:10:09) - Comparing reproducibility: photography versus painting (00:11:10) - Delving into the buyer's perspective on photography (00:13:13) - Discussing the absence of external authorities in photography ratings (00:17:09) - Investigating the influence of museums in art (00:19:21) - Forecasting future trends in the art market (00:23:27) - Unraveling how transactions occur in the art world (00:28:07) - Clarifying the role of art galleries (00:30:45) - The intricate process of art collection (00:35:50) - Addressing perceived pretentiousness in art (00:41:55) - Exploring royalties within the art industry (00:45:08) - Grasping the factors affecting art pricing (00:53:00) - Analyzing why photography is currently in a 'fear stage' Learn more about your ad choices. Visit megaphone.fm/adchoices