[seadrive]

And even so, they do a lot of other business on the side with their Lodima press, selling Lodima paper and archival products, as well as giving work shops. So their revenue is most certainly not prints only.

I'm not privy to anyone's financial information other than my own, but M&P state pretty clearly on their web site that they support themselves from the sale of their prints. They spend a good chunk of time visiting curators and collectors.

Lodima Press may run at a profit (again, no way for me to know), but it's doubtful that M&P have even begun to recoup the investment they made in Lodima Fine Art paper.

In any case, I think that Picker was largely correct when he said that "the business of fine art photography" really doesn't exist. When fewer than a dozen people are making a good living at something, it hardly qualifies as a viable business model.