Report on the Twenty-First Tehran Auction: The Second Online Auction of Contemporary Iranian Art

15 October 2024
Artchart, a data analytics and mining platform for the Iranian art market, has been dedicated to recording and analyzing economic data related to Iranian art since its establishment in 2019. To date, this platform has closely examined twenty editions of Tehran Auction, and the following report will delve into the twenty-first edition of the auction. This edition, focused on contemporary Iranian art, was conducted as an online auction from October 9 to 11, 2024, with a preview of the artworks held on October 9 and 10 at the Parsian Azadi Hotel. In the following sections, you will find Artchart's summarized analytical report.

The twenty-first Tehran Auction, dedicated to contemporary Iranian art, was held online from October 9 to 11, 2024. The preview of the artworks took place on October 9 and 10 at the Parsian Azadi Hotel, Tehran. The online bidding ended on the evening of Saturday, October 11, 2024, from 6 PM to 10:40 PM. In total, 140 artworks by 136 artists were auctioned, with 132 pieces sold, resulting in a sell-through rate of 94.3%. The total revenue from this auction amounted to 2 million dollars.

Market Analysis and Sales

In this auction, approximately 64% of the artworks were sold within the estimated price range, and 31% were sold above the auction estimates. Notably, 93 pieces sold for under 10,000 dollars, while only 4 pieces reached a value between 120,000 and 200,000 dollars. More than 78% of the artworks were paintings, with around 13% being three-dimensional works.

The title of the most expensive artwork was awarded to "Untitled" by Monir Farmanfarmaian, which sold for 194.3 thousand dollars, recording a growth rate of 6%. The second and third most expensive works were by Aydin Aghdashloo and Reza Derakhshani, respectively. Aghdashloo's piece titled "Summer, Winter from the Occidentals series" sold for 187 thousand dollars, while Derakhshani's "Counting Days and Nights, Every Day and Every Night" fetched 186.7 thousand dollars.

Artist Demographics and Gender Breakdown

The ratio of female to male artists in this auction was 24% to 76%. The average age of the artists was 55.2 years, with the highest number of works belonging to artists born in the 1980s (26%). The oldest piece presented in this auction, created in 1967, belonged to Parviz Tanavoli, although most works dated from 2021 to 2023 (approximately 56%).

Sales by Gender

The total dollar sales from female artists, with 32 pieces sold out of 34, amounted to 424.8 thousand dollars. In contrast, the total dollar sales from male artists, with 100 pieces sold out of 106, reached 1.58 million dollars.

Comparison with Previous Auctions

According to Artchart data, the twenty-first Tehran Auction displayed a significant difference in the number of artworks presented and sold compared to previous editions. In this auction, 132 pieces were sold, representing a higher quantity than in prior events. However, the total dollar sales of this auction ranked lower compared to other editions, and the average dollar price of the artworks was among the lowest in the auction's history.

Artchart's analysis shows that this auction did not perform positively in terms of total dollar sales compared to other similar editions. Additionally, in the sixth and tenth auctions, the gap between the final sales figure and the total average estimates was greater than in other editions, suggesting a stronger market enthusiasm for purchasing artworks during those times.

Conclusion

The twenty-first Tehran Auction showcased some key trends and challenges in the contemporary Iranian art market. While the auction achieved a high sell-through rate of 94.3%, the total revenue of 2 million dollars was lower than in previous editions, indicating a possible decline in overall market enthusiasm. Despite the solid performance of certain high-profile works, such as Monir Farmanfarmaian's "Untitled," which sold for 194.3 thousand dollars, the majority of sales were in the lower price range, with 93 pieces selling for under 10,000 dollars.

The data also highlights a consistent trend in gender disparity, with male artists overwhelmingly dominating both in number and total sales. Female artists contributed to only 24% of the pieces sold, and their total sales reached 424.8 thousand dollars compared to 1.58 million dollars for male artists. This reflects ongoing challenges in achieving gender balance in the Iranian art market.

From a demographic standpoint, younger artists, particularly those born in the 1980s, had the largest presence in the auction. However, the auction's overall performance was less impressive compared to previous editions, as the average price per artwork was one of the lowest in the auction's history. This could signal a more cautious buying trend or a shift in collector interest.

In comparison with prior auctions, the relatively low total dollar sales and average artwork prices suggest that market conditions have softened. The gap between final sales and auction estimates, particularly in earlier editions like the sixth and tenth, was more pronounced, indicating a stronger enthusiasm for higher-end purchases in the past. This edition, while important for its volume of works sold, may reflect a transitional phase in the market, where buyers are more selective and prices are stabilizing.

Overall, this auction provides a critical data point for assessing the evolving dynamics of the contemporary Iranian art market. While certain high-profile artists continue to command attention, the broader market may be entering a period of adjustment, with shifts in buyer behavior and interest influencing future trends.

Author(s)

Marzieh Eftekhari
Sevana Boghossian
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