Tehran Auction conducts its work based on a process that clearly outlines how to participate as a seller or buyer, how the auction is conducted, and how transactions are completed.
1. Tehran Auction selects artworks based on their qualitative value and collectors’ interest. The works are offered at an estimated price range approved by the owner.
2. The Auction House is neither the owner nor the seller of the artworks. It merely has permission to sell them on behalf of the owners. No transfer of ownership will take place between the owner and the Auction House. The auction commission, paid by the seller, is solely for the purpose of preparing for and conducting the auction and to facilitate the transaction between the buyer and the seller.
3. To offer a piece for auction, the owner contacts Tehran Auction by filling out the Proposal Form. Once the Auction House determines that the piece is appropriate for sale at auction, their specialists will arrange every detail, from establishing a range of estimates to cataloguing the work and marketing it to prospective buyers.
4. Upon the owner’s approval, the Auction House sets a minimum (reserve) price, less than the lower estimate. The Auction House is allowed, on behalf of the owner, to sell the work at that price or higher. In case a reserve is not set, the Auction House is allowed to sell the work either at an estimated lower price or more.
1. Only registered participants who have obtained a ‘bid number’ are allowed to take part in the auction. There is no limit to the number of works one can purchase, however, the owner or seller of a work is not allowed to bid for that particular work.
2. Bidders must contact Tehran Auction in order to register for the auction. The Auction House will provide a Bidder Application to be filled out and returned prior to the auction.
3. Bidders can purchase artworks in one of the following ways:
a. Bidding in person: A bidder needs to fill out the Bidders Application Form prior to the auction and participate in person.
b. Bidding by telephone: A bidder needs to fill out the Bidders Application Form prior to the auction and participate via telephone. It is advised to complete the Bidder Application Form at least two days ahead of the auction day.
Auction Rules and Process
1. Artworks will be on public display at the auction showroom for three days followed by the auction on the evening of the fourth day.
2. At the auction, artworks are offered by ‘lot numbers’ in the same order they appear in the catalog.
3. Tehran Auction sets a low and a high price estimate for each work. The initial bidding usually starts below the lower estimate and raised in the following order:
Up to 200m IRR by 10m IRR
Over 200m IRR and up to and including 500m IRR by 20m IRR
Over 500m IRR and up to and including 1b IRR by 50m IRR
Over 1b IRR and up to and including 2b IRR by 100m IRR
Over 2b IRR and up to and including 5b IRR by 200m IRR
Over 5b IRR and up to and including 10b IRR by 500m IRR
Over 10b IRR by 1b IRR
4. Bidding for a particular work ends when the highest bid is hammered. The buyer will not be charged any additional fees. The bidder is expected to purchase the work at the hammered price. If a bidder fails to make the payment by the set deadline, he is liable to pay damages. The damage payment will go to the Auction House for all related expenses. The owner also reserves the right to demand damages from the bidder. The Auction House is not responsible for any damages to the owner.
5. The buyer is required to pay the full amount within two weeks from the auction. Payments may be made by a personal check or by a direct deposit into an account provided by the Auction House, which receives the funds on behalf of the owner. After the receipt of the payment, the artworks will be delivered within a week, in Iran, and within two weeks outside Iran.