Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Iranian Art Prices Suffer from Use as Asset

June 25, 2013 by Marion Maneker

Kashya Hildebrand and Reza Derakshani
Kashya Hildebrand and Reza Derakshani

Kashya Hildebrand is a former trader and now a gallerist specializing in artists from the Gulf where there was a boom in the midst of the last decade. Now the market savvy dealer is moving to London and in her interview with Bloomberg she explains why prices for Iranian artists peaked in 2008 and have faded since. That’s because art became an asset that Iranians could sell to avoid sanctions and raise money. The reporter doesn’t say whether Hildebrand thinks supply outstripped demand or the quality of works diminished as more collectors used their art as a piggybank:

Mirroring the region’s politics, the market for Middle Eastern art is volatile, Hildebrand says. She gives the example of United Nations sanctions against Iran in force since 2006.

“There have been some exogenous pressures creating price volatility,” she says. “Some of the bigger names people are starting to focus on are artists from Iran. Just as their auction prices were making new highs, the sanctions started kicking in, so suddenly a lot of affluent people from the Persian community who were hit by these sanctions started selling some of their personal assets to get liquidity.”

Hedge Fund Nomad Turns Art Dealer, Opens Her U.K. Gallery (Bloomberg)

More from Art Market Monitor

  • An Iranian Exile Supports His Countrymen’s ArtAn Iranian Exile Supports His Countrymen’s Art
  • The Tehran Auction Improves on Sophomore Outing Despite Iran’s Sinking EconomyThe Tehran Auction Improves on Sophomore Outing Despite Iran’s Sinking Economy
  • Sotheby’s London Cont Iranian & Arab = £2.3mSotheby’s London Cont Iranian & Arab = £2.3m
  • Christie's Dubai Mod & Cont = $7,980,875Christie's Dubai Mod & Cont = $7,980,875
  • Iranian Contemporary's "Lost Collection"Iranian Contemporary's "Lost Collection"
  • Iran Eye-OpenerIran Eye-Opener

Filed Under: Emerging Markets Tagged With: Iranian

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...