Iran's domestic art scene thrives despite economic sanctions

Iran’s smart set turned out in force for this year’s Tehran Art Auction, spending a record amount as the country’s modern and contemporary art scene thrives despite economic sanctions.

The annual event on Friday was a sell-out, raising $5.1m from the auction of works by Iranian artists, more than double the amount fetched last year.

While Western sanctions since 2010 on Iran’s oil and financial sectors have sapped Iranian collectors’ purchasing power, and forced them to retreat from international art auctions such as Christie’s, they have also been a catalyst to building up the domestic art market.

Since its launch three years ago the Tehran Art Auction has gained social cachet and most of the 90 items sold on Friday went for at least two times their predicted values, pushing total sales $2.4 million above forecasts, according to the Tehran Art Auction website.

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Iran’s domestic art scene thrives despite economic sanctions