When I try opening iPhoto on my iMac (OSX 10.9.2) it says I must first update the application; when I try doing so from the App store, it says there are no updates available. I have not renamed or moved iPhoto which was preinstalled. How to solve?

When I try opening iPhoto on my iMac (OSX 10.9.2) it says I must first download the update; when I try doing so from the App store, it says there are no updates available.  Stuck in a classis Catch-22 - any ideas how I might solve the problem?

Thanks a lot for your swift response. And sorry if it was a bit too hectic to go through my detailed query (which I did because it was misunderstood when I asked previously). As I've mentioned above, I was informed that updating to 5.0.1 would '''require''' me to '''delete''' the current version and then install the new one. And doing so will involve losing all my bookmarks. I guess I should have been more specific and detailed there. By losing, I didn't mean losing them forever. I'm aware that they're secured in some place and deleting and installing the software doesn't harm its existence. What I meant that if I install the new version, I'd have to delete the old one. And after installing the new version, I'd have to transfer them (bookmarks) back from wherever they are. Get it? When it updated from 3.6.9 to 3.6.13, and from 3.6.13 to 3.6.18, I didn't need to follow that process. They were already present on their own.
BTW, I'm having no problems with 3.6.18 but after learning about the existence of version 5.0.1, I'm a bit too eager to lay my hands over it.
Thanks for your help; hope this wasn't extremely long.

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