ΛΛ production in two-photon interactions

Using the CLEO detector at the Cornell e{sup +}e{sup {minus}} storage ring CESR we study the two-photon production of {Lambda}{bar {Lambda}}, making the first observation of {gamma}{gamma}{r_arrow}{Lambda}{bar {Lambda}}. We present the cross section for {gamma}{gamma}{r_arrow}{Lambda}{bar {Lambda}} as a function of the {gamma}{gamma} center of mass energy and compare it to that predicted by the quark-diquark model. {copyright} {ital 1997} {ital The American Physical Society}