1. Auctioneers select artworks based on their qualitative value and collectors’ interest. The works are offered at an estimated price approved by the owner. Artworks will be on public display at the Parsian Azadi Hotel for three days followed by the auction on the evening of the fourth day.
2. The hammer price of a work is determined through bidding during the auction and buyers will not be charged any additional fees. Artworks are offered by ‘lot numbers’ and the order in which they appear in the catalog.
3. 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.
4. The ‘Auction House’ is neither the owner nor the seller of artworks. They merely have 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 fee is solely for the purpose of preparing for and conducting the auction and to facilitate the transaction between the buyer and the seller.
5. Bidders can purchase artworks in one of the following methods:
A- Bidding in person: A bidder can fill out a Bidders Application Form two days prior to the auction.
b) Bidding by telephone: A bidder can fill out a Bidders Application Form two days prior to the auction and participate via telephone.
6. The Auctioneers set a low and a high price estimate for each work. The initial bidding usually starts below the lower estimate and increases in the following order:
Price range Increase
Up to 200m IRR by 10m IRR
Over 200m IRR and up to including 500m IRR by 20m IRR
Over 500 IRR up to and including 1b IRR by 50m IRR
Over 1b IRR up to and including 2b IRR by 100m IRR
Over 2b IRR up to and including 5b IRR by 200m IRR
Over 5b IRR up to and including 10b IRR by 500m IRR
Over 10b IRR by 1b IRR
7. Upon the owner’s approval, the auctioneers set a minimum (reserve) price less than the lower estimate. The Auctioneers are allowed, on behalf of the owner, to sell the work at that price or higher. In case a reserve is not set, the Auctioneers are allowed to sell the work either at an estimated lower price or more.
8. Bidding for a particular work ends when the highest bid is hammered. The bidder is expected to purchase the work at the hammered price. If bidders fail to make a payment by the set deadline, they are liable to pay damages. Part of the damages will need to go to the Auctioneers for administrative expenses, while the owner also reserves the right to demand damages.
9. The purchaser is required to pay the full amount within two weeks from the auction. Payments may be made by a personal cheque or by a direct deposit into an account provided by the Auctioneers who receive 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.