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Results of a new analysis of the $K^+K^-$ photoproduction at two photonenergies $E_\gamma = 4{GeV}$ and $5.65{GeV}$ with a particular emphasis on the$S$-wave production are presented. We show that the proper treatment of all thehelicity components of the $S$- and $P$-waves enables one to eliminate thereported discrepancies in extraction of the $S$-wave photoproduction crosssection from experimental data.Comment: 25 pages, 5 figures, new predictions at 8 GeV added in Fig.

${K{\overline K}}$ photoproduction and S-P-wave interference