belén mazuecos faculty of arts. university of granada marilena vecco icare – international center...
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Belén MAZUECOSFaculty of Arts. University of Granada
Marilena VECCOICARE – International Center for Art Economics
University of Ca’ Foscari – Venice
Contextual Art And Hedonic Price Indexes: To Be Or Not To
Be Marketable?
• “Art pour l’art” approach or a market oriented approach?• Art is a profit exchange which generates wealth and employment
4th sector: Industry of subjectiveness• The market of contemporary art is involved in the distribution but
also in the production: it influences the artists the market
Devaluation of the aesthetic interest
1. The Context
Some features of the CAM
• High specialisation and diversification of gatekeepers• Internationalisation of markets• Different dynamics of support (public and private)• Multiplication of art exhibition spaces (traditional and
new one)• Growth of the number of artists• Relevance of the role of the critics• Speed of the exchange and movements• Dematerialisation process of the work of art
CULTURAL CAPITALISM Collision of the economic sphere and the symbolic production
Crisis of the legitimization of art
art economics
artistic field
artistic context
Contextual Art
Paradox, more transgressive the artists act, more involvement and interest of the gatekeepers
the market neutralises the critic
The specific art locus is the place of the conflict and the opposition
Trick game“Everything having the calculated negation of itself prepares the compromise and then its integrated absorption”.Jose Luis Brea (2004).
The art space becomes the context of the accusation and plaint but not the space of the transformation
Definition of CA
“Who critizes through his/her work (performance, installation or art objects) the art market and the
institutions in order to subverse the structures of power, the distribution and the exhibition mechanisms”
RIEMSCHNEIDER, B. e GROSENICK, U. (edited by) (2002), Art Now. 137 artistas al comienzo del S.XXI. Köln,Taschen, p. 560.
Different movements
CA is a movement but also the “no movement”
• BROODTHAERS, Marcel (Bruselas, Belgica, 1924-1975) (Arte Concettuale)
• CALLE, Sophie (Paris, Francia, 1954-) (Anni’80 Europa)
• CATTELAN, Maurizio (Padua, Italia, 1960-) (Anni’90 Europa)
• DUCHAMP, Marcel (Blainville-Crevon, Bélgica, 1887- Neuilly-sur-Seine, 1968) (Dada)
• FLEURY, Silvie (Suiza, 1962-) (Arte Concettuale)
• GERRILLA GIRLS (Nueva York, U.S.A.) (Anni’80 America)
• GILBERT Y GEORGE (San Martino, Dolomites, Italia, 1942-; Devon, U.K, 1943-) (Arte Concettuale)
• HAACKE, Hans (Colonia, Alemania, 1936-) (Arte Concettuale)
• HADJIMICHALIS, George (Atenas, Grecia, 1954-) (Anni’90 Europa)
• KOONS, Jeff (York, Pennsylvania, U.S.A.,1955-) (Neo Geometric Conceptualism)
• KRUGER, Barbara (Newark, 1945-) (Arte Concettuale)
• LAURETTE, Matthieu (Villeneuve St. George, Francia, 1970-) (Anni’90 Europa)
• MANZONI, Piero (Soncino,Cremona, Italia, 1934; Milàn, Italia, 1963) (Nouveau Realismo)
• MEIRELES, Cildo (Rio de Janeiro, Brasil, 1948-) (Arte Concettuale)
• MUNTADAS, Antoni (Barcelona, Espana, 1942-) (Anni’90 Europa)
• ORLAN (Porte Mireille Orlan) (Saint-Etienne, Francia, 1947-) (Arte Concettuale)
• PARDO, Jorge (La Habana, Cuba, 1963-) (Anni’90 Sudamerica)
• PEREJAUME (Sant Pol de Mar, Barcelona, España, 1957-) (Arte Concettuale)
• SEHGAL, Tino (Londres, U.K., 1976-) (Arte Concettuale)
• SIERRA, Santiago (Madrid, España. 1966-) (Arte Concettuale)
• WARHOL, Andy (Philadelphia, U.S.A, 1930- New York, 1987) (Pop Art. U.S.A.)
• ………………………………………………………………………………………….
2. Aim of the research
• To verify if CA has a market • and how its performances are
3. Methodology- Analysing of the CA- the CA artists works of art and their strategies
4. CA: Case studies by themes
Main critics
• Art as merchandise• Mechanisms of circulation and
distribution• Cultural and artistic institutions• Selection mechanisms• Elitism in the art world• Authority’s concept• Authenticity’s concept
- More and more the artist is near to the worker, taking part to the socio-economic structure of his time
[BENJAMIN, W (1934) / BREA, J.L. (2004)]
Art as a product = concretisation of our socio-economic structure
- The artistic production can be compared with other remunerated workMarx’ assumption concerning and Frankfurt School
Merchandise is the result of the alienating social relationship, deriving from work
1. The concept of merchandise
SANTIAGO SIERRA (Madrid, 1966)Strategy: “Remunerated Aesthetics”. GUASH, A.M. (2003)
360 Hours of job remunerated. 2003.
Tattooing of 160 cm over 4 persons. 2000.10 cubans remuneraed to masturbate. 2001.
Payment of 67 euro for dyeing the hair. 2001.
-The market economy, including the artistic exchange, transforms the work of art in a “commodification”, it becomes an alienated merchandise HAUSER, A. (1975)
HANS HAACKE (Colonia, 1936)
Proyekt’74. 1974. Handful of asparaguses.(Manet. 1880).
Overshadow of the artistic value by the exchange value
The artistic value is defined on the base of the economic one the artistic product is legitimated as work of art because of the gatekeepers interests
PIERO MANZONI (Soncino, Cremona, 1933- Milan, 1963)
Artist’s excrement. 1961.
¿Which are the main factors to define the value of a work?
Demand and supply
Different approaches:
• Poli, F. (1976)– “honorific coefficient” (importance of the signature)
– “coefficient of sublimation” (degree of intrinsic artistic of the work)
The Value of Art• The Total Value of a work of art is the sum of:
a) use value economic valueb) artistic value cultural valuec) commercial value economic value
Grampp (1991): theory of marginal utility to explain the art value (use value and artistic benefit)
Ramos (1996): use value = economic earning the concept of marginal utility can not be applied to the work of
art, because the utility is subjective
ECONOMIC VALUE OF A WORK OF ART
Vm = f (Na, A, R, Sc, D, E, S, Te, Q)
Fame of the artist Authenticity Scarcity (absolute, relative) State of conservation Dimensions Époque Subject Techniques of execution Quality:
- technical (objective)- consumption (subjective)
CILDO MEIRELES (Río de Janeiro, 1948)Strategy: subversion of the Duchamp’s ready-made BAKER, G. (2003)
• Inconsistency/Gap between the value and the price
Money tree. 1969
Zero Cruzeiro/Zero Dollar/Zero Cent. (1974-1984)
Check Tzanck. 1919.
MARCEL DUCHAMP (Blainville-Crevon, 1887- Neuilly-sur-Seine, 1968)
Disappearing Element / Disappeard Element (Imminet Past). 2002.
The complexity of the structure supporting the CA leads to consider the artist as a product
¿Is the artist the true merchandise?
ORLAN (Saint-Etienne, 1947-)
Scenes from the operating room during Orlan’s 7th plastic surgical operation entitled New York Omnipresence. November 21, 1993, procedure involved sewing implants into Orlan’s temples to create two lumps, and placement of an implant into her chin through the lifting of flesh and insertion of muscle tissue.
FERNANDO ARIAS (Armenia-Quindío, 1963-)
Who offers more. 2004.
TINO SEHGAL (London, 1976-)Germany Pavillon, Giardini, Venice,
Biennial, 2005
This is exchange (2004-05)
As part of Tino Seghal’s action: giving back the money
MAURIZIO CATTELAN (Padova, 1960)
A perfect day. 1999.
Critic of the authority principle
2. The reflection on the circulation mechanism and diffusion of art
Emmanuel Perrotin in Ma Galerie, Paris, 1994.
ANTONI MUNTADAS (Barcelona, 1942-)
The file room. 1994.
SANTIAGO SIERRA (Madrid, 1966)Lisson Galery. 2002.
• Critic of the art gallery
MARCEL BROODTHAERS (Bruxelles, 1924 – Colonia, 1976)Strategy: Fiction method
Museé d’Art Moderne- Département des Aigles. 1968-1972.
3. Critics to the cultural and exhibition institutions
ELMGREEN & DRAGSET [Michael Elmgreen (Copenague, 1961-) & Ingar Dragset (Trodheim, 1969-)]
Powerless Structures
Greece national Pavillon,
Giardini, Venice
Biennial 2005 Critic to the art institutions
GEORGE HADJIMICHALIS (Athens, 1954-)
JEAN-DANIEL BERCLAZ (Néuchatel Suisse, 1955-)
Musée du point de vue (2000-2001)
CORNELIA SOLLFRANK (Feilershammer, 1960-)
Strategy:“Hacktivismo”
Female Extension. 1997.
4. Critics to the selection mechanism of art
CasTINg (Venice, 2004-)
All the participants near the winner
JOTA CASTRO (Lima, 1965-)
Discrimination day (2005). Palais de Tokio, Paris
5. Critics to the elitarism of the art world
GUERRILLA GIRLS (New York, 1985-)
PIERO MANZONI (Soncino, 1933; Milan, 1963)
Egg with digital print . 1960
Magic base. 1960
Breath of artist.1960
6. Critics to the authorship
Thing found is not stolen, 2002
IMAGEN PIRATA (Bogotá, 1999-2005)
7. Critics to the notion of authenticity
COLECTIVO 0100101110101101.org (1995)
bienale.py Biennial of Venice. 2001.
8. Critics to collection activity
The culture of narcissim (1988-89).
BARBARA BLOOM (Los Angeles, 1951-)
Mark Dion (New Bedforden,1961-)
Collectors/ Collected, Expedition to the Pacific (1862-1866) (1994).
5. Trends of the Contextual Artists
Hedonic Price Indexes
Sample
• Database of 165 contextual artists• 73 artists in the database of Artindex Plus
selection
52 artists 5005 sales
Contextual Art And Hedonic Price Indexes (1990-2007)
• CA• Pre-War Current (before 1945)
• Post-War Current (1945-1970)
• Current of Actual Art (since 70s)
Movements: Dadaism, Surrealism, Pop Art, Body Art, Conceptual Art, Land Art, Internazionale Situazionista, Fluxus, Neo-Geo, Europe 80’s , EE.UU. 80’s ., Young British Artists, Europe 90’s, EE. UU. 90’s, and Europe 00.
• Model of hedonic regression
log(Price) ~ broad + large + surface + genre+ technique + material + auction house + date of hammer + artist
Results of the CA Tendency
• Index price considering all the selected works (without printings)
0%
200%
400%
600%
800%
1000%
1200%
1400%
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
USD EURO GBP
Currents CA
Pre-War. All the works (without printings)
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
1991
1992
1994
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
USD EURO GBP
Post-War. All the works (without printings)
0%100%200%300%400%500%600%700%800%900%
1000%
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
USD EURO GBP
Actual Art. All the works (without printings)
0%
500%
1000%
1500%
2000%
2500%
USD EURO GBP
Market segmentation
• Selling places of CA
0%0%2% 2%1%13%
1%
28%
2%5%
46%
0%0%
Australia Denmark Finland Israel Netherlands
Sw eden Suisse France Germany UK
Austria Italy USA
3%
0%
1%
0%
2%
0%
32%
2%
0%
3%
0%
0%
1%
1%
6%0%6%1%
34%
4% 3%
0%
0%
0%
ARTCURIAL BRIEST BONHAMS
BONHAMS & BUTTERFIELDS BRUUN RASMUSSEN
BUKOWSKIS CAMELS COHEN
CHRISTIE'S DOROTHEUM
DOYLE FINARTE
FINARTE-SEMENZATO GLERUM ACTIONEERS
GRISEBACH KOLLER
LEMPERTZ NEUMEISTER
PHILLIPS PIASA
SOTHEBY'S SWANN
TAJAN PORRO & C
FARSETTI ARTE PANDOLFINI
Art Auctions Houses of CA
Ratio of Demand and Supply / Liquidity
Ratio
0
100
200
300
400
500
600
700
1990
1992
1994
1996
1998
2000
2002
2004
2006
Supply
Demand
liquidity ratio (%)
0,00
10,00
20,00
30,00
40,00
50,00
60,00
70,00
80,00
90,00
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
CA genre
8%
22%
10%
12%
48%
Photographs Dibujo Paintings Installations Graphics
Medium CA
28%
4%
2%7%4%5%8%
1%
32%
5%0%
2%
1%
1%0%
Acrylic/tempera Metal Pastel
Charcoal Tracing Enamel
Tracing Graffiti Ink
Lithography Mixed technique Oils
Serigraphy Wood Clay/ceramics
6. Some Conclusions
• The art proposed by the contextual artists can be defined as a dematerialized artistic “merchandise”
• The artist is an entrepreneur, belonging to the 4th sector: the industry of subjectiveness
• Stable and increasing prices of CA, the average price of the work of arts is between 29.000 Euro (young artist) and 1.200.000 Euro (master).
• CA is characterized by the interaction between the artistic field and context
• The significance of CA is neutralized by the market, this art is absorbed by it
The market produces alienation but at the same time it mediates the relationships in the artistic context
• Only 44% of the 165 artists of the sample are in the secondary market
• The price growth of the works of the CA tendency is positive during the period considered (1990-2007).
• The liquidity ratio of CA is good (60%-80%.)
• Europe and UK are the main place of Exchange of CA
• The analysis by genre and support confirms that more than the half of works are belonging to the category of graphics (48%). Other main genres are: drawing (22%), installation (12%), painting (10%) and photography (8%).
[email protected] / [email protected]@unive.it
Thank you for your attention!