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Tehran: Record crude oil prices that buoyed the fortunes of Middle Eastern countries and individuals have spurred demand for artworks, prompting auction houses Christie's International and Bonhams to hold sales in the region.
Iranian lots were the favourites, including the works of Parviz Tanavoli. In April, Tanavoli’s work sold for a record $2.84 million at an auction in Dubai.
"The phone started ringing a few hours after that," said Tanavoli, 70, said in northern Tehran. "I'm getting upset with buyers. This is not a coin shop. I have a limited number of works."
"The world is finally realizing that things are happening in Iran's art," said Tanavoli.
At Christie's in April, Tanavoli's 2-metre-tall bronze hieroglyphic-covered sculpture The Wall (Oh Persepolis) fetched an auction record for a Middle Eastern artist.
A month earlier, 45- year-old Farhad Moshiri sold a crystal-studded piece called Love for $1.05 million at Bonham's in Dubai.
Auction records have boosted domestic interest in works by native artists, with prices multiplying about five times over the past year, said Shahnaz Khansari, owner of the Mah art gallery in Tehran.
A painting which sold for 4 million rials ($419) can now sell for 25 million rials, she said. They are also turning art into commodity.
"My work has fallen into the hands of brokers," said Tanavoli. "People are buying and selling it at a higher price. They say, 'We want it for ourselves,' but they are doing a business with it."
Coveted Assets
That price increase has turned home decorations into coveted assets in Iran, comparable with more traditional investments such as property and gold.
"New buyers are coming to the market," Khansari said in a phone interview. "Investors are assigning people to do the buying for them. It has become a business."
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