El Ensueño [The Daydream], 1931 – Manuel Alvarez Bravo, Mexico’s first significant fine art photographer.

This gelatin silver print was estimated to fetch between £40,000 – £60,000 at auction by Christies’s in 2007. The hammer price was £126,500, or $261,223. Not bad for a black-and-white photo smaller than your average letter-sized sheet of paper.

Found at Frog Blog