Iranian Parviz Tanavoli's "The Wall (Oh Persepolis)" fetched $2.84 million at a Dubai art sale, an auction record for a Middle Eastern artist.
"The Wall," a nearly 2-meter-tall bronze sculpture covered in hieroglyphics, was the highlight of Christie's International's auction of modern and contemporary art this week, its fourth in the city. London-based Christie's said it sold more than $20 million of art, mainly by Arab and Iranian artists. Six works by Iranian artists were among the seven priciest lots sold.
Auction houses are expanding into emerging markets in Russia, China and the Middle East, tapping newfound wealth in some of the world's fastest-growing economies.