The Biennale Effect: Shaping Art Investments

The 60th edition of Venice Biennale was yet another successful chapter in the history of this renowned global art exhibition. This year's showcase visualized artists from the Global South, exploring themes such as post-immigration narratives, body politics, and the voices of repressed minorities. Germany’s pavilion confronted its non-international past and diaspora struggles, while Spain presented its first exhibition in years, focusing on the history of colonization through the lens of a Peruvian artist. Ethiopia’s presentation of indigenous family stories also took center stage, capturing widespread attention and acclaim.

The Golden Lion for Best Participant in the International Exhibition was awarded to the Mata Aho Collective for their monumental installation at the entrance of the Arsenale. This work honored traditional textile practices while shedding light on the often-overlooked laboring class. Meanwhile, the Golden Lion for Best National Participation went to Australia, represented by Archie Moore in the Australian Pavilion. Moore's immersive work traced his family tree as a First Nations artist, emphasizing the interconnectedness of all living beings and highlighting humanity's shared responsibility to care for one another and the planet for our future.

Venice Biennale - Main Exhibition Arsenale. Photograph © Cenk Usel

Today, however, we will shift our focus from the philosophical and social dimensions of these world-class exhibitions. Instead, we will examine the impact of the Venice Biennale on artists' performance in the art market and their sales. Specifically, we’ll explore questions such as: How does the Biennale influence market valuations? Whose oeuvre is likely to appreciate in value? Do Golden Lion winners ultimately achieve enduring international acclaim? And could investing in these artists provide a strategic advantage for long-term art investment portfolios? In this week’s column, we delve into the "Biennale Effect" and its implications for art investments.

We will analyze the art investment performance of past Venice Biennale winners, focusing on three prominent artists: Jenny Holzer, Marina Abramović, and El Anatsui. Each Golden Lion represents us a distinct pathway in the art market, offering unique insights into valuation trends and investment potential among contemporary artists who participates in the Venice Biennale.

Jenny Holzer

In 1990, Jenny Holzer was awarded the prestigious prize for representing the United States in Venice Biennale. Even then, as now, she was a pivotal figure in conceptual art, known for her evocative idioms, truisms, and unrelenting aphorisms. Her provocative works reveal uncomfortable truths that, while appearing simple or even mundane at first glance, invite deep and critical reflection, transcending conceptual boundaries. Throughout her career, Holzer's focus on social and contemporary issues, feminism, and human rights has profoundly inspired both contemporary artists and the public.

Compared to Abramović and Anatsui, the market value of Jenny Holzer's work began to rise significantly nearly 15 years after her grandiose Golden Lion win at the Venice Biennale. The year 2008 marked a notable peak in her market valuation, with a record of nearly £1 million. However, fluctuations persisted into the mid-2010s, a period when her work gained widespread recognition, becoming synonymous with conceptual art in prominent squares and public avenues. By 2022, her market turnover reached nearly £2 million, suggesting the potential for new highs in the coming years.

Marina Abramović

Often referred to as the godmother of performance art; Marina Abramović  won the prestigious Golden Lion in 1997 for her work ‘Balkan Baroque’, a powerful critique of the Bosnian War. At the time, she was still an mid-career emerging artist without significant breakthroughs in New York or Western Europe. Her evocative explorations of the limits of the body and mind, the dynamics of power and intimacy, and themes of transcendence and spirituality had not yet captivated the large audiences that now flock to her exhibitions in museums. However, her 1997 Venice Biennale win marked a turning point, gradually earning her widespread recognition and support from major institutions worldwide. 

Analyzing Marina Abramović’s sales turnover graph reveals that it took nearly two decades for her work to gain significant recognition in the art market. Her body of work primarily consists of performance art, editions, and video pieces. The absence of traditional mediums like painting may have contributed to the prolonged period of under-recognition.

However, 2008-2009 marked a turning point, with a substantial increase in auction sales and market acknowledgment. Compared to the art market trajectories of Jenny Holzer and El Anatsui, Abramović's turnover history shows much greater volatility, with fluctuations occurring across decades. In contrast, the other two artists exhibit more consistent, linear trends in their market performance. This underscores the unique challenges and dynamics of Abramović's presence in the art market; even though she is a Golden Lion winner contemporary artist.

El Anatsui

El Anatsui, a highly acclaimed contemporary artist from Ghana, was honored with the Golden Lion for Lifetime Achievement at the Venice Biennale in 2015. Renowned for his pioneering large-scale, tapestry-like sculptures crafted from bottle caps and recycled materials, Anatsui's work celebrates Africa's rich heritage while exploring themes of identity, culture, and environmental consciousness. His art serves as a powerful critique of consumerism, causes of climate change, and globalization, offering a profound commentary on the pressing contemporary issues of our time. 

El Anatsui's market turnover for art sales demonstrates a distinct trajectory compared to the historical data of the two female artists. Even before his 2015 Golden Lion win at the Venice Biennale, Anatsui had garnered significant attention, as reflected in the data. The year 2014 marked a pivotal moment, with a surge in market interest following years of fluctuating sales. His Golden Lion award became a defining milestone, solidifying his position and paving the way for notable success in auction sales. Nearly a decade later, 2023 marked a career-high, with global sales reaching approximately £5.7 million.

Critical Benchmark for Art Investments

Photograph © Cenk Usel

Winning the prestigious Golden Lion at the Venice Biennale has a profound and lasting impact on an artist's career, as evidenced by art market data. While it may take 10 to 20 years for this recognition to fully translate into significant market valuation, it serves as a critical benchmark in an artist's journey. This award is not just a singular indicator of success in the art market but a powerful symbol of promise and potential for an artist's future.

The prestige of the Golden Lion often paves the way for greater recognition in subsequent years, increasing the likelihood that investments in the artist's work will yield substantial returns. Could this year’s winners be the next generation of art market successes? Only time will tell. Until then, be sure to keep an eye on Golden Lion winners in Venice. It is great to invest in Venice Biennale winners. But it is much better to invest in them before the art world welcomes them officially through their glamorous gates for good!

Cenk Usel

Art Market Professional