Using the CLEO detector at the Cornell $e~+e~-$ storage ring, CESR, we study the two-photon production of $\Lambda \overline{\Lambda}$, making the first observation of $\gamma \gamma \to \Lambda \overline{\Lambda}$. We present the cross-section for $ \gamma \gamma \to \Lambda \overline{\Lambda}$ as a function of the $\gamma \gamma$ center of mass energy and compare it to that predicted by the quark-diquark model.
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