Released in February 2007. 44 glossy pages in full color, printed on glossy magazine paper.

• Degenerate Art - interview with Russian art collector Rinrin.
• Rare Gems. The 10 best out of print photo books.
• Spanish film director Ivan Noel about his new coming-of-age film.
• Interview with Swedish artist Ajohan Lahti.
• Reviews of books by John Henry Mackay and Kief Hillsbery.
• Column by Swedish author Unni Drougge.