If you're going to bid on a rare photograph at auction, then it might as well be one by the "father of modern colour photography," William Eggleston.

Eggleston's works auctioned at Christie's New York earlier this week with estimates ranging from $40,000-$350,000.

The art photographs came from a single owner collection. Each work sold as a two-of-a-kind limited edition measuring 60 x 44 inches.

This format was a first for Eggleston's photographs thanks to modern inkjet digital pigment printing techniques.

The pictured work, "Memphis (Tricycle)", is among Eggleston's most influential artworks. The piece, officially "Untitled", dates to 1970.

William Eggleston's "Memphis (Tricycle)"

The pigment print was signed in ink by William Eggleston. The two-of-a-kind collectible sold for $578,500.

Previously it had been displayed in the Whitney Museum of Art, New York, in 2008.

Funds from the auction benefited the Eggleston Artistic Trust, whose intentions behind the sale included promoting Eggleston's photographs in the post-war contemporary art market.

Judging from the $578,500 price of "Memphis (Tricycle)", the auction was a resounding success. It is also an indication that the global markets for rare photographs are going from strength to strength.

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