In October and November 2024, six auctions dedicated to modern and contemporary Middle Eastern art were hosted by four international auction houses—Sotheby’s, Christie’s, Bonhams, and Millon—across Paris and London. These events featured 438 works by 235 artists from the Middle East and North Africa (MENA) region. Approximately 65% of the pieces sold (283 works), achieving a total sales volume of approximately $13.14 million. Of this amount, $575,900 was generated from two auctions in Paris, while $12.6 million came from four auctions held in London.

The top-performing artists from Egypt, Iran, Lebanon, Saudi Arabia, Palestine, Iraq, and Syria each generated over $1 million in sales, reflecting strong demand for works from these nations. Among them, Egyptian artists led in total sales, securing over $3 million with a sell-through rate of 73%. Following them, Iranian artists achieved significant success, with 43 artists presenting 81 works across the six auctions. They sold 53 pieces (65% sell-through rate) for a total of $2.1 million.

Despite the high total sales of Egyptian and Iranian artists, the average value of works by Saudi, Palestinian, Lebanese, and Syrian artists surpassed that of their Egyptian and Iranian counterparts. This indicates that while these artists may have fewer works at auction, their pieces command higher prices on average.

The highest-selling artist during this period was Mahmoud Said from Egypt. His oil painting Vue de la plage à Cassata en Grèce (View of the beach in Cassata in Greece) (early 1960s) sold for over $1 million at Christie’s on November 10, 2024. Other top-performing artists included Aref El Rayess (Lebanese, $939,600), Mohammed Al Saleem (Saudi, $922,900), Bahman Mohasses (Iranian, $860,800), and Samia Halaby (Palestinian, $593,300).

Iranian Art Performance

Demographics

A total of 43 Iranian artists participated in the Middle Eastern art auctions of October and November 2024, presenting 81 works. The average age of these artists was 65.5 years, with the youngest participants born in the 1980s. Among these artists, 37% were deceased, while 63% were living.

Gender disparity was evident, with 70% of Iranian artists represented being men and 30% women. This gender gap extended to the artworks themselves, with 72% of the presented works (58 pieces) by male artists and 28% (23 pieces) by female artists.

Overall Statistics

According to Artchart data, 53 of the 81 Iranian works presented sold, resulting in a sell-through rate of 65%. These sales generated a total of $2.1 million, with an average sold work value of $39,700.

Media Analysis

Painting remained the dominant medium for Iranian artists, achieving a 64% sell-through rate and generating $1.68 million in sales. Of the 50 paintings presented, 32 sold, with an average value of $52,600 per piece.

Sculpture and collage/assemblage followed as the most in-demand categories. Sculptures achieved a 100% sell-through rate, with all five pieces sold for a total of $259,000, averaging $52,000 per work—closely aligning with the average value of paintings. Collages and assemblages achieved an 80% sell-through rate, generating $122,000 from four out of five pieces sold, with an average value of $30,500.

However, calligraphic paintings struggled, with two prominent works by Mohammad Ehsai and Hossein Zenderoudi—estimated between $55,000 and $91,000—failing to sell at Sotheby’s and Bonhams, respectively.

Gender Analysis

Male artists dominated the market, accounting for 86% of the total $2.1 million sales ($1.8 million), compared to $300,000 by female artists. Male artists also achieved a higher average sale value of $47,500 compared to $20,000 for female artists.

High-Performing Iranian Works

The three highest-selling Iranian works were by Bahman Mohasses and Monir Farmanfarmaian, collectively generating $880,000. These included:

• Untitled (1966) by Bahman Mohasses, $440,829 (Sotheby’s, October 22, 2024, London)
• Untitled (1960) by Bahman Mohasses, $325,077 (Christie’s, October 31, 2024, London)
• Untitled (1974) by Monir Farmanfarmaian, $113,777 (Christie’s, October 31, 2024, London)

Market Insights and Opportunities

Iranian art captured 16% of the $13.14 million total sales across these auctions. While Egyptian artists led the market, Iranian artists followed closely, with a robust performance and strong sell-through rates. However, the average value of Iranian works ($39,700) was lower compared to those by Saudi, Palestinian, Lebanese, and Syrian artists, indicating room for growth in the valuation of Iranian art.

Additionally, the top 10 Iranian artists dominated the sales, contributing 83% of the total $2.1 million with 27 works sold. Bahman Mohasses emerged as the highest-selling Iranian artist, earning $860,786, and ranking fourth among all Middle Eastern artists. Monir Farmanfarmaian was the only woman among the top 10 Iranian artists, reflecting the gender disparity in high-value sales.

Conclusion

The October–November 2024 auctions underscored Iran's pivotal role in the regional art market. By focusing on promoting emerging talents, fostering gender equity, and elevating the value of diverse media, Iranian art has significant potential to expand its market share and influence in the Middle East and beyond.