Download the Iranian Art Market Report | 1404 SH (March 2025–March 2026) [PDF]
The year 1404 SH (March 2025 – March 2026) was a turbulent one for the Iranian art market. Marked by two wars and a series of social, political, and economic protests, the period was effectively interrupted by two phases of disruption—one short‑term and the other more prolonged. Against this backdrop, total sales of Iranian art at auction declined by 34%, reaching USD 11.5m.
One of the main factors behind this contraction can be linked to the performance of Tehran Auction. In contrast to its usual schedule—typically three auctions per year—Tehran Auction held only two sales in 1404 SH: one live auction (22 May 2025) and one online sale (3 October 2025). The irregular schedule, combined with the depreciation of the Iranian rial, resulted in total sales of USD 3.7m for Tehran Auction, representing a 52% decline compared with the previous year.
This shift pushed the United Kingdom ahead of Iran as the leading market for Iranian art sales. With total sales of USD 4.7m, the UK became the largest market for Iranian artworks in 1404 SH. Iran ranked second, while the United States placed third with sales of USD 1.7m. A notable development was the growth of sales in Saudi Arabia, which recorded USD 419.2k, placing the country fourth and ahead of France.
International auction houses active in the sale of Iranian art—including Sotheby’s, Christie’s, Bonhams, and Millon & Associés—also recorded declines in sales of works by Iranian artists, mirroring the downturn seen at Tehran Auction. An exception was Phillips, which registered a 97% increase in sales (Click here to review the performance of these auction houses in relation to the sale of Iranian art).
The number of transactions in 1404 SH fell compared with the previous year, while the sell‑through rate improved slightly. In total, 612 works were sold during the year, representing a 29% decline compared with 1403 SH. By contrast, the sell‑through rate rose by 7 percentage points to reach 69%.
As in the previous year, most transactions occurred in the lower segment of the market, particularly among works priced below USD 10k. Of the 612 works sold, 425 fell within this price range. However, the highest share of total sales value was generated by works priced between USD 100k and USD 500k.
Analysis of the dealer sector also indicates a decline in the number of exhibitions held in Tehran and other cities. Based on data recorded on domestic online platforms, the number of exhibitions held in Tehran fell by 33% in 1404 SH, while exhibitions in other cities declined by 45%.
Despite this contraction, activity in other parts of the dealer sector—particularly national art fairs—strengthened during the year. Eight Fair was held in Tehran across three episodes, each featuring eight galleries, followed by Tehran Art Fair, which brought together 45 galleries and approximately 550 artists.
