Biennials as administrative hubs of contemporaneity

The text discusses contemporary art as a negotiated value within the art system, with a strong emphasis on the pivotal role of institutions in shaping this landscape. It suggests that value is transactional, with institutions playing a crucial part in the negotiation and regulation of art value. A specific focus is placed on biennials, from the Venice Biennale to documenta, analyzed through Tony Bennett’s ‘exhibitionary complex’ and theories from Pierre Bourdieu and others. The chapter argues that biennials adapt to societal changes while maintaining their relevance by regulating value across validation circuits. The main case study is the crisis documenta underwent after the d15 in 2022, which revealed how these large international exhibitions manage value by fostering interconnected systems of transactions.