Iran Sanctions Act - How Will Embargo on Persian Rugs Affect their Value?
Embargo on Persian Rugs and the Iran Sanctions Act - Persian carpets are caught in the middle of an ongoing international struggle with tensions growing between U.S. allies, Iran, and trading partners that include China and Russia, but very few antique Persian carpets are actually imported from Iran. The majority of these pieces have been in the hands of western collectors and dealers for the past century.
With the last Iranian carpets legally imported to the United States on September 29th, consumers have the chance to take advantage of this investment opportunity. Antique Persian carpet prices are expected to soar as market competition for fine investment pieces grows and supply dwindles. In an uncertain market with a diminishing supply of antique rugs, savvy investors and knowledgeable consumers have the opportunity to make smart buys on one-of-a-kind pieces and certain antique rug styles at deflated prices.
In the current political climate there is no way of predicting how long the sanctions will last. Given the tensions between Iran and the Western world, it is inevitable that the price of this art form will escalate in the near future.
A Note from Nazmiyal:
We at Nazmiyal are working with the offices of New York Sen. Charles Schumer and Rep. Carolyn Maloney to ensure we can continue to provide the same level of service to our customers overseas. Even though these new regulations may change our antique carpet buying habits through the international market, we still support the new sanctions on imports from Iran in the hopes of a better future.