Tehran auction with a record of 1200 billion tomans; How are the financial details of the transactions?

The 26th Tehran auction ended with the sale of nearly 1,200 billion Tomans worth of works of art. A new record in Iran's art economy, which, in addition to paying attention to the value of works and the competition of buyers, raises questions about the financial details of transactions, how to settle amounts and the process of transferring ownership of works.

According to ambassador Arjan; The 26th Tehran auction, special for modern and contemporary works of Iran, was held on the evening of Friday, October 24, 1405 at the Parsian Azadi Hotel, and ended its work with a record of one thousand 196 billion and 910 million Tomans.

In this period, 100 works of 93 artists were presented. The total value of the works based on the basic prices was announced as 764 billion and 650 million tomans; However, the competition of buyers caused the offered works to be sold at a figure many times higher than the base price.

"None" Tanavoli; The most expensive work in the history of Tehran auction

The bronze sculpture "Nothing" by Parviz Tanavoli was at the top of the transactions of this period. This work was offered with a base price of 195 billion tomans and was finally hammered at a price of 280 billion tomans to break the sales record of Tehran auctions.

In this way, the hammered price of this statue was 85 billion tomans more than its base price.

After this work, Mounir Farmanfarmaian's untitled work with a base price of 98 billion tomans was hammered for 120 billion tomans. The work "Dron, Biron" by Korosh Shihgaran was also released with a base price of 53 billion Tomans and reached the figure of 91 billion Tomans. Of course, the announced figures for these three works are the hammered prices and 10% is added to the final amounts.

From sales records to financial details of transactions

Registering such a figure in the art market once again draws attention to the economic dimensions of the Tehran auction. The artistic value of the works and the position of the artists is independent of the financial mechanism of transactions. However, as the volume of transactions increases, information about its executive and financial details becomes more important.

In this context, a few specific questions can be asked about the auction process and its transactions: First, is the figure of 1,196 billion and 910 million Tomans the total of hammered prices or have all transaction amounts been fully settled? Publishing information about final settlement status can provide a more accurate picture of how much sales have been realized.

Another question is related to the authentication mechanism of buyers and registration of financial offers. What process is in place to identify buyers and register and approve their bids?

Also, how are the funds from the transactions received and what is the mechanism for recording and documenting the payments?

Finally, how is the process of transferring the ownership of the works after the transaction is finalized and what are the criteria for registering and delivering the works to the buyers?

These questions refer to the usual mechanisms of an art market with large transactions, and answering them can help to know more precisely the economic dimensions of the Tehran auction.

transparency; An opportunity to strengthen confidence in the art economy

Tehran auction has become one of the important events of Iran's art market in its years of activity, and its results, from the price of works to the level of acceptance by buyers, are noticed by artists and activists in this field.

In such a situation, informing about the financial details of transactions can complement the announcement of sales statistics and new records. Clarity of the settlement process, buyer authentication criteria, and ownership transfer procedures will help the audience to have a more comprehensive picture of the mechanism of this market.

The 26th Tehran auction ended with the sale of nearly 1200 billion Tomans and the record-breaking sculpture "Nothing" by Parviz Tanavoli. An event that, in addition to paying attention to the value of artworks, has also provided an opportunity to raise questions about the transparency and financial details of transactions in Iran's art economy.