The Auction Hammer: Elevating Art or Displaying Wealth?

While Iran’s middle class struggles with the daily pressures of life, art auctions unfold elsewhere in the city, offering paintings sold for billions of rials—a starkly different picture of art in the country. These events provide an economic opportunity for some wealthy investors, but what share do the broader community and young artists gain from them? Does Iranian art truly advance in this market, or has it become merely a commodity for displaying wealth?

In a time when the middle class contends with even the smallest expenses, art auctions are held in lavish settings: comfortable seats, dazzling lights, and artworks hammered for astronomical sums. This stark contrast vividly reflects today’s social and cultural divide: on one hand, most citizens face anxiety and economic strain, while on the other, a closed, exclusive space treats art as a luxury commodity for the wealthy.

In recent years, art auctions in Iran have firmly established themselves as the premier events for buying and selling artworks in the country. Each session attracts not only domestic buyers but also foreign investors. Economically, these auctions provide an opportunity for capital circulation and the valuation of artworks. Furthermore, participation can enhance the status of well-known galleries and established artists. Yet, the central question remains: what is the share of the middle class and the broader artistic community in this market?

The vast majority of works presented at these auctions belong to renowned artists, either deceased, with their legacy held by long-standing collectors, or contemporary luminaries whose status is already secure and requires little further visibility. In effect, the auction neither discovers new talent nor provides a platform for emerging artists. The result is a closed loop between sellers and buyers: works purchased decades ago at modest prices are now exchanged for multiples of their original.

Hossein Norouzi – Art Studies Researcher