The alt text for this image reads “A man holds aloft a newspaper which declares “We win!” while other men raise their drinks in celebration.”
(This is an example of an image where, although it conveys text – the newspaper headline – its use is justified because the point of the photo is the newspaper being held aloft in celebration.)
This is also a good example where a caption could be instead of alt text. A general principle is to use a caption if the alt text has to go beyond 100 characters in order to convey what is happening in the photo.
The above image has a caption that will be read either by the person or by a screenreader. Its alt text is alt=””.
By the way, a bad example using the same image would be this: