DATABANK

The Documenta Effect

DOCUMENTA, which takes place every five years in Kassel, Germany, is one of the world’s most important exhibitions of modern and contemporary art. It has been responsible for launching the international careers of many art luminaries since its inception in 1955, from David Hockney (1968) and Jasper Johns (1972) to Mike Kelley (1997) and Glenn Ligon (2002). Dubbed the Museum of 100 Days, the festival is notable for its rigorous selection of participants, its provocative approach to presentation, and its commitment to fomenting critical dialogue centering on topics such as history, politics, and individualism. To assess the impact of Documenta on the markets of its participants, both emerging and established, we analyzed auction data from more than 85,000 sales records for 635 artists featured in the exhibition, spanning the 30 months leading up to and the 30 months following their year of inclusion. It is clear from our findings that investors would be wise to look at the work of participating artists whose names are announced months prior the event: On average, their works Emotional Abstract Coalition (remix), yield a 13.69 percent return on investment initially, with some artists 1997–98, by Fabian Marcaccio, who 206 participated in Documenta 11, sold at Phillips achieving additional fame on the backs of their auction records. London on February 18, 2011, for $30,100, well above its $24,000 high estimate. BY ROMAN KRAEUSSL

DOCUMENTA 1–13, 1955–2012

Each edition of Documenta has its own artistic director, who is responsible for selecting the artists and formulating the theme for the exhibition. As a result, each iteration has a unique character. We see that as exhibition expenditures have risen so has attendance, with each successive show enjoying an ever greater audience.

DOCUMENTA 1–13 DATE DIRECTOR ARTISTS ARTWORKS BUDGET VISITORS

Documenta 1 July 15–September 18, 1955 Arnold Bode 148 570 $90,024 130,000

Documenta 2 July 11–October 11, 1959 Arnold Bode 339 1,770 $237,081 134,000

Documenta 3 June 27–October 5, 1964 Arnold Bode 353 1,414 $467,337 200,000

Documenta 4 June 27–October 6, 1968 Arnold Bode 150 1,000 $706,015 207,000

Documenta 5 June 30–October 8, 1972 Harald Szeemann 222 1,100 $1,090,909 220,000

Documenta 6 June 24–October 2, 1977 Manfred Schneckenburger 622 1,400 $2,069,966 355,000

Documenta 7 June 19–September 28, 1982 Rudi Fuchs 181 1,000 $2,863,365 387,381

Documenta 8 June 12–September 20, 1987 Manfred Schneckenburger 317 520 $4,978,312 486,811

Documenta 9 June 13–September 20, 1992 Jan Hoet 195 1,000 $12,306,030 615,640

Documenta 10 June 21–September 28, 1997 Catherine David 138 569 $12,539,530 628,776

Documenta 11 June 8–September 15, 2002 Okwui Enwezor 117 450 $16,620,350 650,924

Documenta 12 June 16–September 23, 2007 Roger M. Buergel 118 516 $34,730,115 750,584

Documenta 13 June 9–September 16, 2012 Carolyn Christov-Bakargiev 194 662 $38,341,090 904,992 PHILLIPS

ART+AUCTION NOVEMBER 2013 | BLOUINARTINFO.COM Luc Tuymans, a 2002 participant, has fared well in the market- place. His Illegitimate viii, 1997, top left, sold for $253,744, double its high estimate, at Christie’s London in June 2004, while his Easter, 2006, bottom left, realized $962,500 at Sotheby’s New York in May 2011. Glenn Ligon, another 2002 alum, has also found favor; his Whitman #2 (Study), 1991, near left, achieved $314,500, more than double its high estimate, at Sotheby’s New York in May 2011.

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MEASURING THE AFTEREFFECTS DOCUMENTA AND THE INFORMATION AGE

With the zero point in the center of the chart below representing the Another trend that emerged is that this effect was far more pronounced 100-day run of Documenta, it is clear that overall sales of included in the first four decades of the exhibition—during Documenta 1 to 9— artists are relatively stable during the 30 months leading up to the before the widespread use of the Internet. During this period, the exhibition, while a substantial uptick in the market for their work— event’s impact was even greater on the careers of emerging artists in terms of volume and price—is evident in the 30 months following from non-Western countries. The proliferation of digital media from their participation in it. We see a substantial market awareness of Documenta 10 to 13 no doubt influenced the exhibition and the work the artist following the exhibition in the Documenta price index we of its participating artists. More important, the more gradual rise created. In the 12 to 18 months after the event, artists’ works more in price may reflect that participating artists are better known going than doubled in value. At that point, it would seem, their newfound into the exhibition than were their earlier counterparts. fame has been priced into the market.

Documenta 1–9 Documenta 10–13 Established (Western) Artists Emerging Artists Number of Sales Documenta Price Index 300 250 15,000 250 200 12,000 200

150 9,000 150

100 6,000 100

50 3,000 50 Art sales index sales Art Art sales index sales Art 0 0 Sales of Number 0 -30 -24 -18 -12 -6 0 6 12 18 24 30 Months -30 -24 -18 -12 -6 0 6 12 18 24 30 Months CLOCKWISE FROM TOP LEFT: CHRISTIE’S; TWO IMAGES, SOTHEBY’S IMAGES, TWO CHRISTIE’S; LEFT: FROM TOP CLOCKWISE

FOR OTHER INDICES AND MORE THAN 4.8 MILLION FINE ART AND DESIGN AUCTION RESULTS, GO TO ARTSALESINDEX.ARTINFO.COM