We derive the equation of motion for a Bose-Einstein condensate of photons in a dye-microcavity system, starting from Maxwell's equations. Our theory takes into account mirror shape, Kerr-type intensity-dependent refractive index and incoherent pumping and loss. The resulting equation is remarkably similar to the Gross-Pitaevskii equation for exciton-polariton condensates, despite the different microscopic origins. We calculate the incoherent photoluminescence spectrum of the photon condensate, which shows the Bogoliubov-type excitations around the mean field at thermal equilibrium. Both open- and closed-system models are presented to account for, respectively dissipation and inhomogeneities. Considering realistic parameters and experimental resolution, we estimate that by observing the angle-resolved spectrum of incoherent photoluminescence it is possible to resolve dimensionless interaction parameters of order
10
−
5
, two orders of magnitude below current estimates. Thus we expect that this technique will lead to accurate measurements of the interactions in photon condensates
