  We study baryon pair production in two-photon collisions, gamma gamma -> B
Bbar, within perturbative quantum chromodynamics, treating baryons as
quark-diquark systems. We extend previous work within the same approach by
treating constituent-mass effects systematically by means of an expansion in
the small parameter (mass/photon energy). Our approach enables us to give a
consistent description of the cross sections for all octet baryon channels.
Adopting the model parameters from foregoing work, we are able to reproduce the
most recent large-momentum-transfer data from LEP for the p pbar, Lambda
Lambdabar, and Sigma^0 Sigma^0bar channels in a quite satisfactory way. We also
briefly address the crossed process for the proton channel, gamma p -> gamma p.
