For the most part "paper memorabilia " or newspaper publications do not hold a high value due to the fragile nature of the paper used. Newspaper is printed on a low quality paper, and collectors will not spend big money on paper that might flake away over the years. If not properly taken care of the acid in the air will take it's toll and cause the paper to brown, and make it brittle.
The "newspapermagazine" Photo as you referred it as, will be more valuable in it's original state as a whole publication. If it is removed from the original publication it will be worth less, even if the photo was an inset. As an insert from a popular newspaper or magazine it will have some value given it is in good condition but I cannot give you an accurate value without more details.
If it is a team photo cut from a "newspapermagazine" it will have little collectors value. Baseball Magazine had premium photos that you had to send away for between 1920, and 1950. These photos are popular with collectors today and sell in the $15. to $150. price range. I will leave a link below. If you give me more information on the item you have I might be able to help you further.