Proton antiproton pair production in two-photon collisions is studied with
the L3 detector at LEP. The analysis is based on data collected at
$e^+e^-$ centre-of-mass energies from 183 GeV to 209 GeV, corresponding to
an integrated luminosity of 610 pb$^{-1}$. The cross section as a function
of the $\gamma\gamma$ centre-of-mass energy is measured and results are
compared to those of other experiments and to predictions of the
quark-diquark model. The results are preliminary.