  The reactions gamma p -> K+ Lambda and gamma p -> K* Lambda are analyzed
within perturbative QCD, allowing for diquarks as quasi-elementary constituents
of baryons. The diquark-model parameters and the quark-diquark distribution
amplitudes of proton and Lambda are taken from previous investigations of
electromagnetic baryon form factors and Compton-scattering off protons.
Unpolarized differential cross sections and polarization observables are
computed for different choices of the K and K* distribution amplitudes. The
asymptotic form of the K distribution amplitude (proportional to x1 x2) is
found to provide a satisfactory description of the K photoproduction data.
