Perhaps it’s that formula that has allowed Penn to completely collapse the distinction between fine art and fashion in his oeuvre. "There’s really no differentiation between any of his work," says MacGill. "It’s all sought after, it just depends on who’s doing the seeking." That’s a phenomenon countless contemporary fashion photographers would surely love to emulate.

"Next Season's Collection?" originally appeared in the March 2009 issue of Art+Auction. For a complete list of articles from this issue available on ARTINFO, see Art+Auction's March 2009 Table of Contents.