Early murals at the site are generally found located in small temples along the Avenue of the Dead and depict animals such as and felidae as well as various plant varieties. During the Xolalpan stage of Teotihuacán (~AD 400), however, murals could be found in a wider variety of structures including many porticoes of apartment compounds. Additionally, themes of mythical supernatural deities and the increase in hieroglyphic notations led Pasztory to conclude that this change may mark a sort of decentralization within the society.
The Wagner Murals may help to show this process of decentralization. One of the best examples of this transition comes from the Feathered Serpents and Flowering Trees mural. While there are depictions of serpents and floral aspects common in early Teotihuacán artwork, within the flowering trees there are relatively rare depictions of simple . In all, there are four feathered serpents (two from the Wagner Collection) that accompany nine plants each. It has been suggested from some scholars that these nine plants with nine different glyphs may represent the nine lords of the underworld. It also may be one of the first references of the migration myth of the eight tribes of the leaving the cave of origin.
Another predominant theme represented in a number of the Wagner Murals is the image of a figure wearing a three-tassel headdress. Thought to be connected with independent collections called the St. Louis and San Francisco Collections respectively, these figures are presumed to be originally found in Techinantila compound of Teotihuacán. Additional figures of similar form and colorations are found in the Houston and Milwaukee Collections. All of the figures are facing to the right and disks are placed at regular intervals above the depictions. If the proportions of this room were equivalent to those found in Teopancaxco (9mx3.4m), then this mural would have contained 20 figures surrounding the room, possibly led by the Storm God. Additionally, various glyphs under many of these tasseled headdresses may denote the individual names with which they are associated. As there are no discernible borders at the corners where the mural would be adjoined, these figures are thought to have been read continuously as one viewed them from wall to wall. A border of footprints along the top of the mural pieces helps to strengthen this notion.
While the figures in this particular group seem to represent specific people or deity in Teotihuacán, the three-tassel headdress also seems to become a symbol for the people themselves. In distant areas like Tikal, for example, this three-tassel motif also shows up. On Stela 31 there is a depiction of what may be a military figure with a shield that is adorned with this very symbol. On a further note, the Storm God is always shown with the tassel headdress. Additionally, there are connections of the headdress to Great Goddess as seen in the Tetitla compound. This helps to show how these murals, while out of context, can help growing scholarship on interpretation. These murals could aide in Pasztory's notion of the transition in Teotihuacán culture. In the time of the Wagner Murals, iconography was used denote communal ideology and individual identification as well.
Almost all of the fragments were traced back in 1983 and 1984 by Rene Millon to the Techinantitla compound, some 500 yards east of the Avenue of the Dead and Pyramid of the Moon. The remainder of the fragments were traced by Millon to the Tlacuilapaxco compound.
Since that time, the collection has been extensively studied by numerous academics of Teotihuacán culture. Because of excessive looting at the site of Teotihuacán, partly due to illegal sacking for the private market, academic and archeological work has been painstakingly difficult to undertake. Very few murals were known in situ before the emergence of the Wagner Murals.
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