The art business has long split into a host of parallel branches, each with their own institutional universe, markets and illusions. Even once hegemonic large-scale events like documenta or the biennials in Venice, São Paulo, Istanbul or New York no longer succeed in creating an enduring, coherent narrative. What still holds contemporary art together as an institution? Is it solely projections of potential success on global markets, or is it the hope of finding, at least briefly—beyond the itinerant logic driving one’s own circle—a reflection of purportedly universal value in large-scale events, which appear to offer refuge from everyday routines of local rivalry and representational conflicts? Issue 3/2018 asks about the figures and aesthetic attitudes that dominate this „institute“ today, about the works and projects that appear as the most suitable models for reflection, resistance or success. In the process, it poses the question of the nature of production. What is the logic that drives production? Are artists, the work, the project even still the facets perceived? Or is it perhaps more the case that a different conception has long become established in contemporary regimes of exchange, designating the “institute of art” as a space within which one lives and thinks?