Pesquisa Setorial
Sectorial Study The contemporary art market in Brazil 2nd edition, July 2013
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índice Apresentação ..................................................................05 Prefácio .............................................................................07 Linhas temáticas ............................................................08 Objetivos ...........................................................................08 Universo e metodologia ............................................08 Galerias respondentes ..............................................09 Limites e contribuições ..............................................10 Principias resultados..................................................10 Capítulo 1 – Perfil das galerias ..............................13 Tipologias .......................................................................13 Recorte geracional ....................................................13 Distribuição regional .................................................14 Capítulo 2 – Escala .......................................................17 Escala orçamentária ..................................................17 Infraestrutura .............................................................18 Artistas ............................................................................19 Exposições ......................................................................19 Públicos ..........................................................................20 Emprego ..........................................................................20 Média salarial ................................................................21 Feiras ................................................................................22 Capítulo 3 – Modus operandi ....................................23 Principais atividades .....................................................23 Características administrativofinanceiras .....................................................................24 Relação com os artistas ...........................................24 2
Pesquisa Setorial
Formação de preço .....................................................25 Parcerias e colaborações ........................................25 Mercado secundário ...................................................25 Obstáculos .....................................................................25 Despesas operacionais ...............................................25 Capítulo 4 – Crescimento e dinâmicas do setor..............................27 Indicadores de crescimento .....................................27 Vendas ..............................................................................28 Preços .............................................................................28 Plataformas de negócio ............................................28 Ranking das feiras .......................................................29 Perfil dos colecionadores .......................................29 Capítulo 5 – Internacionalização ..........................31 Indicadores de internacionalização ......................31 Artistas estrangeiros ................................................31 Estratégias de inserção internacional ................................................................31 Inserção institucional no exterior ........................32 Vendas para o exterior ...............................................33 Destino das vendas ......................................................33 Evolução das exportações .......................................34 CONCLUSõES .....................................................................37 POSFáCIO ............................................................................39 3
Pesquisa Setorial
Foreword
The decision to implement an annual Sectorial Research that monitors the development of the Brazilian contemporary art sector is, by itself, a very important achievement that reveals a growing maturity of the segment. Until very recently, the group of Brazilian galleries in the primary market conducted its business in an isolated and empirical manner. The positive perception that, as a group, they constituted a very important sector of the country’s economy is quite a novelty. This change has brought a series of developments among which the establishing of a Commercial Intelligence Service as a basis of planned work is the main one. The galleries realized that, by sharing strategic information among themselves and with their representative sectorial entity, they could build a set of precious data that would serve not only for the mobilization of the sector as a whole, but also to define in a more conscious manner their own individual business decisions. Currently, the Latitude Sectorial Study, main product of the Commercial Intelligence Service of the Project, is essential for the group to build strategies and establish goals and to demonstrate the results of the accomplished activities of the Project. This initiative launches a new phase of professionalization and credibility for the sector. Eliana Finkelstein ABACT President (2012-2014) Christiano Braga Apex-Brasil Project Manager Mônica Novaes Esmanhotto Latitude Project Executive Manager 5
Pesquisa Setorial
Presentation
(Apex-Brasil) – devoted to promote Brazilian contemporary art galleries in the international market. The Latitude Sectorial Study is created within this context, as a response to the needs, identified by ABACT and by ApexBrasil, of mapping the primary market of contemporary art in Brazil and of understanding the key factors of its development. The data collection started in 2011, and the first results were revealed in 2012. The repercussion of the 1st edition of the Sectorial Study confirmed the relevance of the initiative, determining its annual updating. We thank all the people involved in this process, especially the answering galleries.
The contemporary art market in Brazil is currently experiencing a unique and very positive moment, one of maturity and expansion. The economic growth of the country and the quality of the national artistic production lay down a solid foundation for the growth of the business and the appearance of new galleries. The dynamics and the growth of the market come accompanied, for the first time, by a movement of professionalization and sectorial organization that favors its acknowledgement as an important part of the country’s creative economy. Important milestone of this process was the creation, in 2007, of the Brazilian Association of Contemporary Art (ABACT) and of the Latitude Project – partnership between ABACT and the Brazilian Trade and Invesment Promotion Agency
Ana Letícia Fialho Latitude Research Coordinator 7
Pesquisa Setorial
Theme lines
The Sectorial Study data was grouped in 6 large themes, which form the chapters of this report: Profile of the galleries, which informs the typological diversity and the generational and regional differences of the galleries; Scale, containing the detailed data on volume of business, infrastructure, number of represented artists, number of exhibitions, composition of the public, number of workers, average salary, participation in fairs; Modus operandi, that highlights the main activities of the galleries of the primary market, the administrative-financial characteristics, forms of relationships with the artists, partners and collaborators, participation in the secondary market, difficulties faced for the expansion of the business; Dynamics and growth of the sector, which presents the development indicators of the sector, information on the sales, prices, main business platforms, collectors’ profiles; International Insertion, which deals with the different aspects related to the internationalization of the galleries, such as the representation of foreign artists, internationalization strategies, volume of sales abroad, international insertion of the represented artists, destination of the sales and evolution of the exports; lastly, Conclusions, where we present the main findings and observed tendencies of the Study.
the improvement and expansion of the businesses of the sector. • Being the source of objective, organized and trustworthy data on the sector for the agents of the art system, public managers, partners, specialized media and other interested parties.
Universe of Study and methodology The 2nd edition of the Sectorial Study comprises a sample universe of 44 galleries of the primary market of contemporary art associated to ABACT and/or Latitude project. The response rate was of 84%1. The number of galleries involved increased compared to the 1st edition of the Study – from 32 to 44; the sample universe became more heterogeneous, and the number of newer galleries increased significantly. The widening of the gallery base analyzed impacts the results and, in some cases, explains the variation of the numbers, as we will see in the following chapters. The ensemble of galleries comprised in this Study does not correspond to the total of the galleries active in the primary market, but, as one can observe by the list of answering galleries presented below, the most active galleries, professionalized and internationalized, are fully analyzed. Thus, the empirical basis is quite representative. This information is also an important increment of this Study, for we can determine exactly the universe to which it refers to, different form anonymous questionnaires with low response rate that feed some international reports on the art market
Objectives • Providing the Latitude Project and ABACT detailed information on the sector that may support the planning and development of their activities. • Fostering the creation of management and commercial promotion tools by Latitude, ABACT and the involved galleries, aiming
52 galleries associated to Latitude Project and ABACT were contacted, having as a reference the month of December of 2012.
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Answering Galleries • A Gentil Carioca • Amparo 60 Galeria de Arte • Anita Schwartz Galeria de Arte • Artur Fidalgo Galeria • Athena Contemporânea • Baró Galeria • Bolsa de Arte de Porto Alegre • Casa Triângulo • Celma Albuquerque Galeria de Arte • Central Galeria • Choque Cultural • Emma Thomas • Galeria Berenice Arvani • Galeria da Gávea • Galeria Eduardo Fernandes • Galeria Estação • Galeria Fortes Vilaça • Galeria Jaqueline Martins • Galeria Laura Marsiaj • Galeria Leme • Galeria Luisa Strina
• Galeria Marília Razuk • Galeria Millan • Galeria Manoel Macedo • Galeria Murilo Castro • Galeria Nara Roesler • Galeria Oscar Cruz • Galeria Pilar • Galeria Raquel Arnaud • Inox Galeria • Lemos de Sá Galeria de Arte • LOGO • Luciana Brito Galeria • Luciana Caravello Arte Contemporânea • Mendes Wood DM • Mercedes Viegas Arte Contemporânea • Paralelo Gallery • Progetti • Sérgio Gonçalves Galeria • Silvia Cintra + Box 4 • Vermelho • Galeria Virgílio • Ybakatu Espaço de Arte • Zipper Galeria 9
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Limits and contributions
This report brings, quantitative and qualitative primary data, gathered through an electronic form containing 68 main questions and a several secondary ones that total more than 100 questions 2. The process of data collection of the 1st edition of the Latitude Sectorial Study revealed the need for revision/adjustment of the presentation and the wording of some questions. For this reason the questionnaire of the 2nd edition of the Study differs sensibly and has a larger number of questions than the one used in the 1st edition in 2011/2012. Not every question was answered by every gallery, but the resulting information is good enough for a comprehensive and deep diagnosis of the sector. Besides the questionnaire, the answering galleries were contacted by e-mail, telephone and personally, allowing the verification of the information and the enhancement of the results, mainly the qualitative ones. In addition, data related to the history of the Latitude project were also used, as well as the data supplied by Apex-Brazil related to the performance of the galleries in international markets and to the volume of the exports.
Even though the need to deepen and detail the information even more persists, besides complementing them with data about other important market segments, such as the secondary market and the auction market, we expect that the Latitude Sectorial Study contributes to a better understanding of an extremely dynamic and growing sector.
The preparation of the questionnaire was a collective process, of which Alessandra d’Aloia, vice-president of ABACT, Mônica Novaes Esmanhotto, manager of the Latitude Project, Christiano Braga, Project manager of Apex-Brasil, the members of the managing committee of the Latitude Project and Leonardo Assis, information manager, participated. We also analyzed available studies on other markets, such as Holland and France, and will bring some specific comparative data, since there are no updated and available research using similar methodology and analyzing all the themes we are working with. Finally, it is important to mention the debates we’ve had with other researchers on the theoretical and methodological challenges of studies of this type.
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MAIN RESULTS new and internationalized market • The Brazilian primary contemporary art market is fresh, dynamic, and in process of expansion and internationalization. • 25% of the galleries belong to a brand new generation started after 2010, 43% were created in the 2000’s and 32% have been in business for more than 13 years. • 84% of this group have participated in international fairs in the last 5 years and 60% made international sales in 2012. Besides, 75% of the Brazilian galleries work with foreign artists and 34% have partnerships with galleries abroad.
where around 38% of the deals are closed . SP-Arte is the fair that generates the biggest business volume according to 59% of the galleries, followed by ArtRio and Art Basel Miami Beach, considered the most important fairs by 13.5% and 11.5% of the galleries, respectively. exports 3 • Increased from US$ 18 million registered in 2011 to US$ 27 million in 2012. • The main destinations of the exports were the United States, Great Britain, Switzerland, France and Hong Kong. Emphasis to the growth of more than 200% in the export volume to Great Britain, and Hong Kong already in the 5th position of the ranking.
sector growth trend confirmed • The average growth among the researched galleries was of 22.5%, maintaining the trend observed in 2010 and 2011, when the sector registered an accumulated growth of 44%. • 81% of the galleries increased their sales volume in 2012, while others did not have a variation and only 1 had a negative growth. • 70% of the galleries also hired more staff during that period. national market x international market • The sector growth is observed both nationally and internationally. • The Brazilian market moved around 85% and the international market 15% of the sales in 2102. • In Brazil and abroad the private collectors are the main purchasers, with 71% and 11.5% of the total sales made in 2012. business platforms • The fairs are, outside the galleries’ own space, their main business platform. That’s
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Values in dollars FOB. Source: Planning and Budgeting Unit of Apex-Brasil.
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Pesquisa Setorial
GALLERIES PROFILE
Typologies The profile of the researched galleries is quite heterogeneous. There are small and internationalized galleries; medium-sized galleries that work mainly in the local/regional market; large galleries that work with renowned artists and that participate in the international market; recently created galleries that work mainly with young Brazilian artists while others have more than 50% of their artists of other nationalities; galleries that privilege a specific type of production, such as street art; galleries that work with different medias and artistic expressions that aren’t yet part of a consolidated business model, such as performance. Based on the specificities of each gallery, we could possibly create a ty-
pology for each one of them. In common, they have the fact of being very personalized businesses; the profile and the management models of the galleries are clearly linked to the owner’s personality. In their majority (80%), the galleries have 1 or 2 owners. Generational Cutting The Study comprises different generations of galleries, whose creation dates indicate the evolution of the contemporary art market in Brazil, where traditional galleries like Luisa Strina and Raquel Arnaud, created in the 1970s co-exist with young galleries established from 2010 on, such as Athena Contemporânea, Inox, Mendes Wood DM and Zipper. 13
Pesquisa Setorial
nr. of answering galleries according to the decade of creation 20 18 16 14 12 10 8 6 4 2 0
• Galeria Luisa Strina • Galeria Raquel Arnaud
1970
• Bolsa de Arte de Porto Alegre • Casa Triângulo • Galeria Manoel Macedo • Galeria Millan • Galeria Nara Roesler
• Amparo 60 Galeria de Arte • Celma Albuquerque Galeria de Arte • Lemos de Sá Galeria de Arte • Luciana Brito Galeria • Galeria Marilia Razuk • Silvia Cintra + Box 4 • Ybakatu Espaço de Arte
1980
1990
We can observe the clear expansion of this market in the last decade. Today, more than 50% of the galleries that form ABACT and the Latitude Project were created from the year 2000 on, many of them less than 2 years ago. In the current context, the number of new
• A Gentil Carioca • Anita Schwartz Galeria de Arte • Artur Fidalgo Galeria • Galeria Berenice Arvani • Choque Cultural • Galeria Eduardo Fernandes • Emma Thomas • Galeria Estação • Galeria Fortes Vilaça • Galeria da Gávea • Inox Galeria • Galeria Laura Marsiaj • Galeria Leme • Mercedes Viegas Arte Contemporânea • Galeria Murilo Castro • Galeria Oscar Cruz • Progetti • Vermelho • Galeria Virgílio
2000
• Athena Contemporânea • Baró Galeria • Central Galeria • Galeria Jaqueline Martins • LOGO • Luciana Caravello Arte Contemporânea • Mendes Wood DM • Paralelo Gallery • Galeria Pilar • Sérgio Gonçalves Galeria • Zipper Galeria
2010
galleries tends to increase. A preliminary survey, through direct observation, points to the creation of approximately 40 new contemporary art galleries since 2010. 15 galleries joined the association in 2012, 11 of them created from 2010 on.
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Pesquisa Setorial
distribution of the galleries per cities Porto Alegre 2% • Bolsa de Arte de Porto Alegre
2%
CuriTIba
• Amparo 60 Galeria de Arte
2%
• Ybakatu Espaço de Arte
9% São Paulo • Baró Galeria • Galeria Berenice Arvani • Casa Triângulo • Central Galeria • Choque Cultural • Galeria Eduardo Fernandes • Emma Thomas • Galeria Estação • Galeria Fortes Vilaça • Galeria Jaqueline Martins • Galeria Laura Marsiaj • Galeria Leme • Galeria Luisa Strina
Belo Horizonte • Celma Albuquerque galeria de arte • Lemos de Sá Galeria de Arte • Galeria Manoel Macedo • Galeria Murilo Castro
57% • Galeria Marília Razuk • Galeria Millan • Galeria Nara Roesler • Galeria Oscar Cruz • Galeria Pilar • Galeria Raquel Arnaud • Galeria Virgílio • LOGO • Luciana Brito Galeria • Mendes Wood DM • Paralelo Gallery • Vermelho • Zipper Galeria
Recife
28%
Rio de Janeiro • A Gentil Carioca • Anita Schwartz Galeria de Arte • Artur Fidalgo Galeria • Athena Contemporânea • Galeria da Gávea • Inox Galeria • Luciana Caravello Arte Contemporânea • Mercedes Viegas • Progetti • Sérgio Gonçalves Galeria • Silvia Cintra + Box 4
Regional distribution The concentration of the market in São Paulo is evident, followed by an important representation of galleries in Rio de Janeiro and few galleries in the other capitals, as previously observed in the 1st edition of the Study. The State of São Paulo has the highest national GNP, and its capital is the financial center of the country. Rio de Janeiro is an important cultural and economic center in the national scene. However, the economic strength of the cities is not enough to explain the concentration of the market. Brasília, for instance, has the biggest GNP per capita of the country (almost twice as much
as São Paulo’s), but does not house an active art market. Both São Paulo and Rio de Janeiro have dynamic art systems comprised of a large number of agents and equipment: artists, art schools, critics, curators, alternative spaces, artistic residences, public and private institutions, etc. The development of the art market depends on the existence of a dynamic art system. Other capitals, despite having a vibrant artistic production and some relevant institutions, still don’t have art systems as developed as those in São Paulo and Rio de Janeiro. 15
Pesquisa Setorial
SCALE
The scale or size of a gallery does not relate solely to the volume of business, but also to the characteristics of its infrastructure, to the number of artists it represents, to the quantity of exhibits it organizes, to the amount of employment it generates, to the quantity of fairs it participates in, to the number of clients in its portfolio, etc.
Below, we work some of those aspects that point at the different scales of the contemporary art galleries in activity. Budgetary scale Of the researched ensemble of galleries, 37 provided this information, as is shown in the graph below. 17
Pesquisa Setorial
nr. of galleries according to the annual gross revenue (2012)* 18 16 14 12 10 8 6 4 2 0
Did not respond
Up to 100 thousand
From 100,001 to 360,000
From 360,001 to 500,000
From From From 500,001 to 1 million to 3,6 million 3,6 million to 5 million 1 million
From 5 million a 10 million
Above 10 million
* All values are in Reais
Division of the galleries according to the annual gross revenue (2012) Even though they do not include all of the researched galleries, the graphs above show that the majority of the galleries move up to R$ 3.6 million per year. This division corresponds to almost exactly the percentage of the companies included in the Simples Nacional 4 (77%) and out of the Simples Nacional (23%). We may conclude, therefore, even without having all the answers, that this revenue distribution represents the total of the sample. This cut is fundamental, for it allows the cross-checking with other data, which will be presented below.
22%
78%
up to R$ 3.6 million
above R$ 3.6 million
The Simples Nacional is a differentiated and simplified taxation system, applied to the micro-enterprises and small businesses, according to the Complementary Law nr. 123, of December 14, 2006. It includes companies that have an annual gross income equal or lower than R$ 3,600,000 (three million six thousand Reais).
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division of the galleries by exposition area 4%
Less than 100 sqm
14%
From 100 to 300 sqm From 301 to 500 sqm
41%
From 501 to 1000 sqm
18%
More than 1000 sqm The majority of the galleries have from 100sqm to 300sqm of exhibition area. Some have highly reduced areas, with little more than 50sqm, and others have more than 1,000sqm.
23%
distribution of galleries by number of represented artists
11% Up to 10 artists
16%
From 11 to 20 artists
52%
From 21 to 30 artists From 31 to 40 artists
21%
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Pesquisa Setorial
The average number of represented artists per gallery is 22. This average decreased sensibly compared to the 1st edition of the Study, when the galleries informed that represented 24 artists. This is due to the increasing of the sample universe of galleries, including younger galleries with smaller structures. Some galleries indicate the need of reducing the number of represented artists to better promote them. In fact, for a gallery to work seriously in developing the artist’s career it is necessary a lot of dedication and only a large and complex structure is capable of working in an appropriate manner with a large stable of artists. There is not an evident correlation between the revenue and the exhibition area, but there is a strong correlation between the size of the infrastructure and the size of the stable of artists and staff. The bigger galleries, which have more than 600sqm of exhibition space, are above the average in these two aspects, representing approximately 30 artists and employing 30 workers. The smaller galleries, which have up to 100sqm of exhibition space, represent an average of 18 artists and employ 5 people.
year, and may get to, rarely, 22 expositions per year. An average of 1.8 group show is organized per year. For some galleries, group shows occur at times considered of minor relevance from the point of view of the business. For others, they are part of the programming, with projects proposed by guest curators. The average number of shows per gallery did not present a significant variation compared to the 1st edition of the Study 5. Public Visitors Besides its commercial mission, the galleries also work as cultural spaces and welcome visitors who are not buyers. The average weekly visits per gallery is 55 people, a little less than what the 1st edition of the Study informed - 60 people per gallery 6. There is neither relation between the number of visitors and the volume of business of the gallery, nor between the number of visitors and the size of their structure. There are galleries that have a large volume of business, receiving from 50 to 60 visitors per week, as well as small galleries, with less than 100sqm of exhibition space, that receive more than 100 visits per week, as opposed to galleries with more than 500sqm of exhibition space, that receive less than 50 visitors per week. The public diversification is part of the concerns of some of the mapped galleries, which promote cultural activities besides the exhibitions. Debates with curators, critics and artists, guided tours with cura-
Solo and group shows One of the main activities of a gallery is the organization of solo shows. This is the privileged moment for negotiation of the works of the represented artists, when a gallery concentrates efforts for their visibility and commercialization. The surveyed galleries make an average of 7.2 solo shows per
This average is close to the average of the French galleries, which have 8 expositions per year, according to the data of the Comité Professionnel des Galeries d’Art, available at http://comitedesgaleriesdart.com/fr/le-comite/informations 6 In this aspect, the Brazilian galleries differ significantly from the French galleries, which receive between 50 and 100 visitors per day, according to the Comitê des Galeries d’Art. Two factors can explain the significant difference of public in the French and Brazilian galleries: tourism and the cultural capital of the population, who, due to the educational and mediation policies, goes to museums and exhibits since the beginning of their school years. 5
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Staff The average of people working in the galleries is 7.8, with a variation of 2 to 26 people, depending on the size of the gallery. The researched galleries have 343 people working daily in their headquarters, including the owners. 64% of the work force of the galleries is hired officially, in an average of 5 employees per gallery. The average hasn’t changed compared to the 1st edition of the Study, but the variation has. The smaller structures have 2 employees, while in the prior Study they had 1 employee only. The bigger ones have nowadays 26 employees, while in the prior Study they had 22, converging with the information that 70% of the galleries increased their work force in 2012 8. The galleries that have a smaller budget, that is, the ones that take in up to R$ 3.6 million per year, have a smaller number of employees, an average of 7 people, very close to the general average. The galleries that have an annual turnover higher than R$ 3.6 million have a more complex workforce structure, employing an average of 13 people per structure 8.
tors and artists and launching of books are among the most common activities. Clients The volume of sales is not related to the number of received visitors, but to the portfolio of clients the gallery has. The average of clients per gallery is 400 7 . The variation is large, from 20 to 3,000 clients per gallery, so the average is less representative of the universe of the researched galleries. 30 galleries have up to 400 clients (among them, 10 have fewer than 50 clients). 12 galleries are above the average, with a portfolio of more than 400 clients, and only two have more than 1,000 registered clients. The galleries with a larger portfolio of clients are the ones that make a higher volume of business. The galleries that sell up to R$ 3.6 million have an average of 220 clients and the galleries that sell more than R$3.6 million have an average of 850 clients. Contacts The galleries have an average of 5,000 contacts in their data base. The variation is of 800 to 12,000: 29 galleries have up to 5,000 contacts, 13 galleries have more than 5,000, and 3 of them have more than 12,000 contacts in their mailing lists.
Clients are the people, for this Study, who purchased at least one work of art. It may seem that there is a divergence of information, on one hand the average of people working in the galleries was not altered, and on the other the galleries affirming having hired more employees in 2012. One must consider, however, that the researched universe is not exactly the same, the number of mapped galleries in this 2nd edition has increased, and this also impacts the results. 9 Differently from galleries in Holland (according to Velthuis, 2003) or in France, where studies point to the existence of galleries with no employees or whose functioning is loss-making and that are not capable of offering the owner means of subsistence, all the galleries surveyed by our study employ people formally and have structures where more than one person works. Comparatively, the Brazilian galleries employ more people per structure that the ones in France, where the majority hires up to 2 people. (Data of the ComitÊ Professionnel des Galeries d’Art, available at http://comitedesgaleriesdart.com/fr/le-comite/informations) However, one must also consider that the art market in France is much bigger, not only in volume, but also in number of galleries. As a consequence, the art market in France has a higher weight in the economy and generation of jobs in the country than the Brazilian market. 7 8
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distribution of the galleries by average salary (monthly wage) 7%
From 1 to 2 minimum wages
23%
From 2 to 5 minimum wages 70%
From 5 to 10 minimum wages
Average salary The majority of the galleries pays between 2 and 5 minimum wages to their employees 10. The average monthly salary does not vary significantly according to the gallery turnover. What varies is the average of the higher salaries. The general average of the higher salaries is R$ 5,500 per month, but in the galleries that sell more than R$ 3.6 million per year this average is of R$ 7,900 per month and in the galleries with turnover lower than R$ 3.6 million per year the average of the higher salary is R$ 4,800 per month. It would be interesting to be able to compare the average salary of the contemporary art market with the one of other cultural activities. The existing data on the cultural sector indicate a salary average of 5 salaries, considering all the cultural segments, in 2005. In the same period, the commerce in general had a salary average of 2 minimum wages, and in the cultural commercial activities the average was of 2.8 minimum wages. Unfortunately, the statistics on cultural bring 2005 data, what weakens the potential of a comparative analysis 11. 10 11 12
Number of fairs attended per year In 2012, the mapped galleries accounted a total of 167 participations in fairs, an average of 3.8 fairs per gallery. This average includes galleries that did not participate in any fair and galleries that participated in up to 13 fairs in the period. The average of participations remained practically unaltered compared to the 1st edition of the Study, which indicated a participation in 3.7 fairs per year per gallery. The bigger galleries, with higher volume of sales, tend to participate in a higher number of fairs, and the starting ones limit themselves to participate in fairs in Brazil, even though all wish to participate in international fairs. Some large galleries, however, focus their participation in higher prestige fairs and not in the number of fairs. Regarding the beginner galleries, it is interesting to observe that some already start their activities participating in the international circuit of the fairs. Six galleries created from 2010 on already had 35 participation in international fairs 12.
in Brazil the minimum wage is R$ 678 per month. Culture in numbers. IBGE/Ministry of Culture, 2010. Data related to December 2012.
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MODUS OPERANDI
The cultural dimension The Study encompasses the primary market of contemporary art, that is, galleries that represent mainly contemporary artists in activity. The representation work involves much more than the commercialization of the artworks. The commercialization, usually, is the consequence of a series of other activities that contribute to the building and consolidation of the artist’s career.
• realization of national and international partnerships to place the work of the represented artists; • pre-financing and co-production of works. • publications; • pre-acquisiton of works Those attributions demand time, resources, qualified teams and a large net of contacts. They involve medium and long-term strategies and because of this they are seen as an investment in the artist’s career. Considering these activities, it is evident that the primary market galleries perform a double role: both economic and cultural, for not only they commercialize the artworks, but also document, promote, show, circulate, preserve and foster the contemporary production.
Below, galleries highlight some activities performed by them , in order of importance: • organization of individual exhibits; • filing and documenting artists’ works and projects; • critical follow up of the production; • photographic register of the exhibits; 23
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Administrative-financial characteristics The wide range of actions mentioned above, is not always described as a commercial activity. For this reason, the corporate object of the companies often includes, besides selling, a series of attached services. Half of the mapped galleries have as their main activity the commerce, and the other half, commerce and services. The option for combining activities describes the nature of the business as well as the accounting planning, because such choice influences the owed tax. 16% of the researched galleries work with two CNPJs 13, according to the financial-administrative planning of the company and the diversity of the developed activities. The galleries may also be divided into two groups according to the applicable tax regimen: 77% of the galleries are small companies, registered in the Simples Nacional; 23% of the galleries are companies that, by the nature of the activity and/or the volume of the business, are out of the Simples Nacional. The smaller group has a turnover much higher than the one of the companies qualifying for the Simples Nacional, and, comparatively, represents a higher number of artists and is responsible for large part of the exports registered by the sector.
part mixes formal and verbal contracts. All of them show, however, a desire for formalization and professionalization of the procedures. Another tendency observed is the incentive to the transformation of the artist into an entrepreneur. 30% of the represented artists has a company and are paid as such. Many galleries stated that they stimulate the artists to open their own companies as individual entrepreneurs. This simplifies accounting and decreases taxes. The new reality does not concern only artists with a consolidated career, whose studios may employ a large number of assistants, but also new artists at the beginning of their careers. This movement shows the form in which the market has been stimulating the professionalization of the artists, but also points to the lack, in Brazil, of a tax and Social Security System for the art professionals. Mobility and renewal of the artist team The galleries informed that at each year there may be changes in the group of represented artists, with the addition of new names and removal of others. The majority informs having added an average of 3 new names to the stable of artists and stopped representing an average of 1.8 artists in 2012, which indicates a good stability of the group of represented artists. Recruiting of new artists by the market This information shows the capacity of the gallery of launching new artists commercially, which involves a certain risk, but is fundamental for the renewal and expansion of the sector and contributes to the professionalization of the artists, which benefits the art system as a whole. 10.8% of the artists represented by the galleries entered the market for the first time in 2012. This percentage decreased
The primary market and the artists The researched galleries represent an ensemble of approximately 1,000 artists. The terms of the representation are agreed by the gallery and the artist, and the usual procedure is of the gallery keeping the works in consignment and paying the artist, in average, 50% of the sale value of the work. Approximately half of the mapped galleries keep verbal contracts with the artist related to the representation, the other
13
Corporate Tax Payer Federal Registration
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significantly compared to the 1st edition of the Study, when the galleries informed that 23% of the represented artists were entering the marked for the first time. However, it is neither possible nor sustainable to launch new artists constantly. Now these galleries are working in the building of the career of the artists recently recruited, to enable their valorization and commercialization.
The problem, according to the sector agents, is that the art market is taxed as other sectors of the economy, disregarded their characteristics and specific necessities. The subject is part of ABACT’s agenda, which is currently discussing with the government authorities aiming the adaptation of the laws in force. This is only happening because the market, due to the significant growth observed, has gained visibility and started to be seen as a significant part of the chain of the country’s creative economy. Besides the tax regimen, there are other obstacles to the development and consolidation of the sector. The administrative-financial management; the strategic planning for the internal and external market distinctly; the building, development and administration of a solid client basis; the correct and formal management of partnerships; the development of communication and marketing tools and utilization of new technologies are some of the aspects to be improved.
Formation of the price The majority of the galleries appoints two basic criteria to establish the sale price of the new artists recently introduced into the market: the curriculum of the artists and the comparative analysis of the market. For artists with a consolidated trajectory, the sales results of their works in the secondary market are also taken into consideration. Partnerships and agreements 54% of the galleries have partnerships with other galleries in Brazil and abroad. The main objective is to foster the visibility and the promotion of the artists in other places. Galleries also work in cooperation with architects, interior designers and art consultants. Usually these professionals are paid a 10%-commission average over the sale value for intermediation.
Operational expenses The expenses that weigh in the gallery budget are the cost of participation in fairs, the payroll, the costs with infrastructure (rental, remodeling, electricity, fees, etc.), production of shows, production of works, transportation and logistics, graphic material/publications and traveling costs. These expenses also show the impact the sector has on other parts of the art productive chain, as well as of other economy sectors, a matter to be addressed by a separate study.
Secondary market 25% of the galleries also work in the secondary market, which represents, for this group, approximately 25% of the volume of their business. Obstacles to the development of the sector The high taxes are appointed by the majority of the companies as the main development bottleneck of the sector, followed by the bureaucracy, mainly related to the international circulation of the works. 25
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GROWTH AND DYNAMICS OF THE SECTOR Indicators of Growth The growth trend of the contemporary art market in Brazil, already observed in the 1st edition of the Study, is maintained. 36 mapped galleries, that is, 81%, point to a growth in their volume of business in 2012. The other ones maintained the same volume and only one informed having had a negative growth in the period. 70% of the galleries also informed that they increased their staff (compared to 27% that did not have any alteration and only one that reduced the work team). They attribute this growth to the moment experienced by the Brazilian art market in recent years, to the increasing of the collectors’ base, to the visibility that Brazil has been gaining in the international scenery not to mention the professionalization of the
sector and the improvement of the business management. The expansion of the market is strongly supported by the participation of the private Brazilian collectors, responsible, in 2012, for 71% of the business volume of the galleries, as we will see next. National Market/International Market • Sales to the international market represent 15% of the volume of business • Sales to the national market represent 85% of the volume of business The percentage of the sales to foreign countries decreased compared to the 1st edition of the Study, when it represent27
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a gross annual income of up to R$ 1 million sold in average 77 works in 2012, while the galleries with a gross annual income of more than R$ 5 million sold an average of 380 works in the same period.
ed approximately 20% of the volume of business of the galleries, in average. This variation is related to the incorporation of recently-opened galleries as part of the sample universe of the Study. These galleries are yet new to the international market. Also the growth of the domestic market is another factor. The weight of the international sales decreased in the business of the galleries, but the volume of international business increased.
Price The price of the negotiated artworks varies from R$ 2,000 for the cheapest works up to R$ 700,000 for the most expensive works, even though the variation is big, with pieces for sale for about R$ 250 and others that are evaluated at more than R$ 8 million. The average price of the commercialized works in the primary market is R$ 22,000. This value represents a significant variation if we consider the groups located in the extremes of the sales turnover range. The average price of the galleries that sold up to R$ 1 million is R$ 10,500, and the galleries that sold more than R$ 5 million have an average price of R$ 35,800. 60% of the galleries informed having readjusted the prices in 2012 approximately 15%.
Sales The researched galleries of the primary market commercialized approximately 6,700 objects in 2012. Naturally, the volume of sold works varied according to the profile and size of the galleries. Some of them made a little more than 30 sales, while others made about 600 sales last year. This indicator oscillates strongly if we consider the groups located in the extremes of the revenue range. The galleries that have
Business platforms 9%
3%
the gallery space itself
29%
national fairs
59%
international fairs Other situations
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The importance of the national fairs 82% of the galleries considered that the national fairs are the most important from the points of view of the sales made. Ranking of the fairs that most impacted in the sales of the galleries The SP-Arte is considered, by 59% of the galleries, the most important from the point of view of volume of business generated. 13.5% of the researched galleries affirmed to have had a higher volume of business at ArtRio and 11.5% sold more at the Art Basel Miami Beach in 2012.
Business platforms The privileged place to do business is the headquarters of the gallery, where nearly 60% of the transactions take place. The fairs are also very important, responding for 38% of the sales. A small volume of business happen in other situations, such as visits to clients, gallery website, partnerships with other commercial places. Even though the subject of on-line sales is new, with agents of the international market declaring the growth of business volume through these channels and the recent opening of sales service of art works by Amazon, for example, this is not yet a common practice in the Brazilian galleries. Only 6 galleries informed that made sales through virtual channels, and the impact of those sales in the volume of the business is very small: less than 2%.
Profile of the collectors The sales are driven mainly by the Brazilian private collectors, responsible for more than 70% of the turnover of the galleries. They are not only investing more, but also becoming more numerous.
Profile of the collectors by participation in the galleries’ turnover: 2,5% 4,25%
Private Brazilian collectors
1,25% 3%
Foreign private collectors
6%
Brazilian corporate collections
11,5%
Brazilian institutions International institutions
71,5%
Foreign corporate collections Others 29
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swers up to 100%, therefore the numbers were not as accurate as the ones we present now. Another factor to be considered is the profile of answering galleries. In the 1st edition there were, proportionally, more medium and large size galleries, professionalized and internationalized, thus galleries that sell to institutions in Brazil and abroad. The inclusion, in this edition of the Study, of a larger number of starting galleries, makes the researched universe more heterogeneous, changing the scenery. Smaller and newer galleries, which integrate the researched group, have in the Brazilian private collectors their immediate and main clients. They are building their reputation in the art system and are in their initial process of internationalization, and because of this have limited access to the Brazilian institutions, to the private and institutional collectors abroad. It is important to remark that the distribution trend continues about the same with the Brazilian and foreign collectors as the main buyers, followed by the institutions and corporate collections in Brazil, and, lastly, the international institutions and corporate collections.
Brazilian institutions represent less than 5% of the sales. These numbers point to the sad contrast that exists between the vigor of the private collections and the fragility of the institutional collections in Brazil. The national institutional circuit, which should be one of the pillars of the contemporary art system and the stage of fostering and visibility for the emerging production, does not have financial and management resources to perform this role, as another research in which we participated already showed 14. The lack of resources must not be seen as the only reason, for there are in the primary market works that cost from R$ 250 to R$ 8 million. It is evident that, besides resources, the institutional collections, with rare exceptions, also lack clear and coherent curatorial lines in sync with the mission of the institutions. This explains why the Brazilian contemporary production is better represented in private collections in Brazil and private and institutional collections abroad than in Brazilian public institutions. Clarification There has been a variation regarding the distribution of buyers profiles. According to the data shown in the 1st edition of the Study, Brazilian private collectors comprised 66% of the buyers, followed by foreign private collectors with 15%, Brazilian institutions 8%, foreign institutions 5%, and other agents, such as investment funds and corporate collections 3%. In that occasion, not every gallery had responded not making it possible to add an-
The research “‘Economias’ das exposições de arte contemporânea no Brasil” the contemporary art exhibits was conducted in 2010, in the scope of an agreement between the Ministry of Culture, the Foundation Iberê Camargo and Fórum Permanente. Unfortunately, this research hasn’t had yet the results initially forecasted due the change in the administration of the Ministry in January 011. About this, see: FIALHO, Ana Letícia and GOLDSTEIN, Ilana, “‘Economias’ das exposições de arte contemporânea no Brasil. Notas de uma pesquisa”, in CALABRE, Lia, Política Culturais: Pesquisa e Formação, São Paulo: Observatório de Políticas Culturais Itaú Cultural; Rio de Janeiro: Fundação Casa de Rui Barbosa, 2012. 14
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INTERNATIONAL INSERTION
The representation of foreign artists The taxation and bureaucratic barriers for importation of works of art do not prevent Brazilian galleries from working with foreign artists. 75% of the galleries work with artists from other countries. The average of foreign artists represented by the galleries has grown from 19% to 22.5%. There are galleries that do not represent any international artists and galleries that have more than 50% of the represented artists of foreign origin.
The international dimension of the Brazilian market should not be assessed based only on the volume of sales and exports to the international market. There are other factors, fundamental, that deal with the insertion and international visibility achieved by the Brazilian galleries. Among them, the internationalization of the group of represented artists; the insertion of the artists in international collections; the stimulating of the artists to participate in international events; the portfolio of clients and partners abroad; the participation in fairs, among others. Next, we will present some of them in more details, which confirm the international insertion of the Brazilian galleries in the primary market.
Internationalization strategies The participation in fairs and the establishing of relationships with international institutions and partnerships with foreign galleries 31
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are indicated as the main internationalization strategies of the galleries. 30% of the galleries have partnerships with other galleries abroad. 50% participated in international fairs in 2012. The galleries also acknowledge the importance of the biennials and the institutional exhibitions for the development of their business. The great majority of the galleries, 86%, support the participation of their artists in international events. The support, usually financial and logistics, includes the costs of the artist’s trip, transportation and support to the production of works.
is concentrated in the national market, the sales to other countries are fundamental for the business of the galleries, due to the nature of the contemporary art, whose process of acknowledgement and valuing goes necessarily through the international circuit. The private collectors have a higher weight in relation to the volume of business, but the international institutions, which represent only 2.5% of the volume of business, are priority for the galleries that work internationally due to the high visibility and the power of legitimation they have. The artists represented by the mapped Brazilian galleries are inserted in more than 130 institutions all over the world. The following map shows clearly the extent of this insertion:
International insertion of the represented artists Even though the biggest volume of business
Growing Institutional presence More than 130 institutions around the world
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The sales to foreign countries The international market is responsible for approximately 15% of the volume of business of the galleries. At least 60% of the mapped galleries sold works to other countries in 2012. The majority reported sales of up to US$ 100,000. The biggest volume of sales concentrates in a small number of galleries. However, the comparative analysis of the sales in 2011 and 2012 shows that the exporting base increased, as well as the total volume exported. Even though not all the galleries answered this question, the total of the results of international sales shown in the graph above agrees with the official data of the Brazilian exports, and point to a significant growth, as we will see next.
Destination of the sales The mains destinations of the international sales informed by the galleries coincide, in their majority, with the main destinations of the exportations according to the official data supplied by Apex-Brasil. The United States, Great Britain, Switzerland and France are indicated as the main destinations. However, besides the leaders in the ranking of sales, new destinations were indicated and must be monitored, such as Colombia and Peru, in Latin America, and Hong Kong, in Asia. Besides these, in 2012 other destinations of the sales were: Germany, Saudi Arabia, Argentina, Australia, Austria, Belgium, Canada, Denmark, Holland, Italy, Mexico, Portugal, Singapore, Turkey, Ukraine and Venezuela.
nr. of galleries by international sales
turnover in 2011 and 2012 Did not respond
Did not make sales in 2012
From 5.000.001 to 10.000.000
From 500.001 to 5.000.000
From 100.001 to 500.000
From 50.001 to 50.000
From 10.001 to 50.000
0
2
4
6
* All values are in dolars
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8
10
12 2011
14
16 2012
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Evolution of the exports 15 The increasing of the export volume of the galleries in the Latitude does not follow the development of the art market sector as a whole. The galleries of the Latitude Project represent only 10.5% of the universe of exporting companies of the Brazilian art sector as a whole, considering the number of exporting companies. In 2012, the galleries of the Latitude Project not only broke a record in relation to the exported volume, but also in
relation to the participation in the exportations, for they were responsible for 53% of the exports of the sector. The galleries in S達o Paulo are the ones that export the most. They were responsible for 89% of the exports in 2011 and 95% in 2012. The galleries have observed a growth in the volume of the exports in the main destinations, with exception of France, and have diversified the markets where they work.
Evolution of the exports of the art market and of the Latitude Project in 2011 and 2012 Year Sector in general Latitude Project 2011
$60,144,054
$18,609,624
2012
$51,170,357
$27,130,165
The date presented in this chapter were supplied by the Planning and Budget Unit of Apex-Brasil and are related to all the 47 members of the Latitude Project. All the values are in dollars FOB.
15
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Destination of the exports in 2011 and 2012 ranking per country 2011
market share
1 united states
37,5 %
19
2 france
29,37 %
6
3 switzerland
17,05 %
5
4 united kingdom
10,22 %
8
5 arab emirates
1,72 %
1
other countries ranking per country 2012
nr of galleries
4%
growth
market share
nr of galleries
1 united states
44,35 %
36,91 %
13
2 united kingdom
238,07 %
23,56 %
8
3 switzerland
78,93 %
20,80 %
4
4 france
-74,34 %
5,14 %
5
100 %
3,65 %
3
5 hong kong
10 %
other countries The 5 main destinations of the exports in 2012 were the United States, Switzerland, Great Britain, France and Hong Kong. The growth of exports to Great Britain calls attention, certainly related to a higher presence of the Brazilian galleries at the Frieze Art Fair 16, as well as the appearing of Hong Kong in 5th place in the ranking in 2012.
We observed also that other destinations became more important in 2012, what indicates a diversification of the markets where the Brazilian galleries work, what agrees with the qualitative information on the destination of the sales, where the galleries indicate 25 different international destinations of the sales made in 2012.
Galleries of the Latitude Project participated in Frieze London and Frieze Masters in 2012: A Gentil Carioca, Galeria Fortes Vilaรงa, Luciana Brito Galeria, Galeria Luisa Strina, Mendes Wood DM, Galeria Nara Roesler, Galeria Rachel Arnaud, Vermelho.
16
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CONCLUSIONS
The primary market of contemporary art in Brazil remains dynamic and expanding, confirming the trend already observed in the 1st edition of the Latitude Sectorial Study. The average growth of the sector was around 22.5% in 2012. The good performance of the art business has been observed in Brazil as well as abroad. The data related to the revenue, to the volume of sales and to the exports indicate a linear and consistent growth in the last 3 years, with the consequent maturing of the sector and the acceptance of the contemporary works it represents. This makes us believe that this trend is not a bubble or fashion effect, but a process that has solid bases and should consolidate in the coming years.
The primary market of contemporary art in Brazil is not (any more) essentially domestic, on the opposite, it is in an accelerated process of internationalization. In the 90’s, only a small group of agents worked internationally; today, the protagonists of the Brazilian market – artists, gallery owners and collectors – are players in the international map of contemporary art, where they have been gaining increasing importance and visibility. The fast development and the degree of professionalism and internationalization of some of the newer galleries call our attention. Concerned with the implementation of efficient management and planning, with the formalization of the relationships with artists and partners and connected to what is 37
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tries to overcome the existing regional differences, and that the market strengthen itself to better face the growing international competition and an eventual change in the national and international macro-economic context. The high tax burden and the bureaucracy are still obstacles to the development of the sector, but the visibility and dynamics recently reached by the market allow these issues to be discussed in the governmental scope, what may result in a better adaptation of the laws in force. Finally, it is important to emphasize that the market growth and the international acknowledgement of the Brazilian contemporary production evidence the fragility of other pillars of the art system. The Brazilian public institutions, for instance, urgently need more assertive policies directed to the constitution and expansion of their contemporary art collections. Maybe the time is ripe to try to overcome the existing gap among the institutional circuit, the production pole and the art market and that, through public-private partnerships, the appropriate conditions for the sustainable development of the art system as a whole be established.
happening in other markets, some galleries founded little more than 2 years ago are already inserted in the international contemporary scene, which is observed not only by their presence in important fairs, such as ARCOmadrid, Art Basel Miami Beach and Frieze, but also by their capacity of relating with artists, curators, critics and collectors all over the world, creating acquisition opportunities and exhibiting of their artists in institutions of prestige. The dynamics and the expansion of the art market in Brazil have attracted agents of the international market. The ArtRio and SPArte fairs registered records of international participation in their lastest editions. White Cube opened a branch in SĂŁo Paulo in December 2012. It is increasingly frequent the presence of international curators, journalists and collectors in the country. Next September the publications Art Review and The Art Newspaper will have a special issue on Brazil. The main museums of the world have been organizing, more frequently, exhibitions of Brazilian artists and look for partners in Brazil to make their projects viable. The interest is not solely motivated by the “love of artâ€?, but also by the evident abundance of resources, due to the wealth of the artistic production and the concentration of high net worth individuals (HNIW) in the country 17. In any case, the interest for the country may be extremely positive for the art system as a whole, as long as its agents position themselves on equal terms with their international peers. The scenario described here brings, therefore, challenges and opportunities. For this market trend for growth and internationalization to be sustainable and have positive effects at medium and long term, it is important that the processes of professionalization and sectorial organization are consolidated; that one
According to the World Wealth Report 2012 (Capigemini/RBC), Brazil holds the 11th position in the ranking of countries with the high population of HNWI, registering a significant growth of 6,2 % in 2010-2011, much above other countries. 17
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AFTERWORD
The 2nd edition of the Latitude Sectorial Study has included a larger and more heterogeneous universe of galleries; it has increased, deepened and updated the data of its 1st edition and has improved the tools for data collection. The majority of the galleries answered in a more complete and precise manner the questions proposed. The quality, details and depth of the information insure the relevance and uniqueness of this report, result of the shared effort of ABACT, the Latitude Project and the art galleries to produce
objective and trustworthy data on the sector in which they operate. Certainly there are still gaps to be filled in and other aspects to be studied. We expect that in the next editions we may not only update the data presented here, but also explore new themes, include other market segments and promote comparative analysis with markets in other countries, in order to expand and enrich the information on the art market in Brazil and its place in the international context. 39
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About the author
Ana Letícia Fialho is a lawyer, cultural manager and art market researcher. She is Research Coordinator and Commercial Intelligence Consultant for Latitude – Platform for Brazilian Galleries Abroad, a partnership between Brazilian Association of Contemporary Art (ABACT) and Brazilian Trade and Investment Promotion Agency (Apex-Brasil). With over ten year of experience in the cultural sector and the art market, she has collaborated with institutions such as Centro Cultural Banco do Nordeste, Cinema do Brasil, Fórum Permanente, Fundação Bienal do Mercosul, Ministério da Cultura, SENAC, SEBRAE, Museo Nacional Reina Sofia, among others. She holds a Law degree from Universidade Federal do Rio Grande do Sul, Brazil, 1997; a Masters degree in Gestion et Développement de Projets Culturels (Cultural Management and Projects Development) from Université de Lyon II, France, 1999; a
Masters degree and PhD in Sciences de l’Art et du Langage (Ciences of Art and Language) from École des Hautes Etudes en Sciences Sociales (EHESS), France, 2001/2006. She is also a guest professor in the specialization Economia da Cultura (Economics of Culture) at Faculdade de Economia, Universidade Federal do Rio Grande do Sul and in the course Curadoria: História das Exposições (Curatorial studies: History of Exhibitions) at Escola São Paulo. She has recently joined the activities of Núcleo de Estudos de Arte e Poder no Brasil (Research group on Art and Power in Brazil), at Instituto de Estudos Brasileiros, Universidade de São Paulo (IEB/USP). Her recent publication projects include Critical Reports - 27th São Paulo Biennial International Seminars, bilingual edition published by Hedra/Fórum Permanente, 2011, co-organized with Graziela Kunsch. 41
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LATITUDE SECTORIAL STUDY 2nd Edition | July, 2013 Head Researcher Dr. Ana Letícia Fialho Editorial Coordinator Mônica Novaes Esmanhotto Information Manager Leonardo Assis Statistical Data Analysis Maurício Tombini Latitude Visual Identity Estúdio Campo Graphic Design Lucia Faria e Flávia Couto © 2nd Edition Latitude – Platform For Brazilian Art Galleries Abroad © wording Ana Letícia Fialho © graphs and tables Latitude - Platform for Brazilian Art Galleries Abroad Acknowledgements Alessandra d’Aloia, Camila Fialho, Christiano Braga, Daniel Rubim
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