Celluloid Dreams

Overview

Celluloid Dreams is a Paris-based international sales company specializing in arthouse and auteur cinema. Founded in 1993 by Hengameh Panahi, the company operated for 30 years as one of the most respected international sales agents for independent and festival-oriented films. Following Panahi's death in 2023 after a long illness, the company was relaunched in 2025 under CEO Saliha Guemraoui, Panahi's former colleague, who has been building a new sales slate and returned the company to international markets including the European Film Market (EFM) and the Cannes Marche du Film.

The company's catalog is defined by a consistent commitment to directors with strong personal visions. Celluloid Dreams has represented films by Jafar Panahi, Hirokazu Kore-eda, Amos Gitai, Bertrand Bonello, Guy Maddin, Abel Ferrara, Neil Jordan, Gavin Hood, and Christophe Honore, among many others. The company operates from 44 rue Blanche in the 9th arrondissement of Paris.

Celluloid Dreams has been at the forefront of international sales, production, and financing of quality independent films for more than 35 years. Its "Directors Label" stands for the discovery and promotion of a large number of the most important, awarded, and respected film directors of the past three decades.

History

Hengameh Panahi founded Celluloid Dreams in Paris in 1993. Her background in international film and connections across European and global cinema gave the company immediate credibility with both filmmakers and buyers. Over three decades, Panahi built Celluloid Dreams into a force on the international circuit, consistently bringing films to major festival competitions at Cannes, Venice, and Berlin, and selling those films to distributors in territories worldwide.

The company has represented landmark works including Jafar Panahi's 3 Faces (2018) and No Bears (2022), as well as the early masterpieces of Hirokazu Kore-eda: Maborosi (1995), After Life (1998), Nobody Knows (2004), and Still Walking (2008). These films helped establish both directors' international reputations and demonstrated Celluloid Dreams' ability to identify and champion filmmakers who would become central to world cinema.

Panahi died in 2023 following a long illness. The company went quiet during the transition period, with no new acquisitions or market activity. Guemraoui, who had worked alongside Panahi for years, took over as CEO in 2023 and began quietly rebuilding the sales slate. Celluloid Dreams officially returned to the international market at the European Film Market (EFM) in 2025.

The Relaunch Under Saliha Guemraoui

Guemraoui has approached the relaunch with a deliberate strategy. In an interview at the Cannes Marche du Film, she explained that she delays acquisitions to avoid "festival goggles," the impulse buying that can occur in the frenzied B2B environment of a major market. Instead, she waits to evaluate films after the initial festival buzz settles, ensuring that sales decisions are based on long-term commercial potential rather than premiere-night excitement.

The relaunched Celluloid Dreams has already built a slate of anticipated auteur-driven projects. At EFM 2026, the company returned with a slate headed by Kyushu Moon, starring Alba Rohrwacher, alongside a quartet of other projects. The company also acquired international sales rights to Stereo Girls (Les Immortelles), Caroline Deruas Peano's French coming-of-age drama that opened the 40th Venice Critics' Week.

In August 2025, Celluloid Dreams picked up worldwide sales rights to Songs of Forgotten Trees, the debut feature by filmmaker Anuparna Roy, presented by Anurag Kashyap. The film premiered in the Orizzonti Competition section at the 82nd Venice International Film Festival. Guemraoui described the acquisition as aligning "perfectly with our editorial slant" and the beginning of "a new and ambitious partnership."

The company has also been involved in production, co-producing select projects alongside its sales activities. This dual role allows Celluloid Dreams to engage with filmmakers at earlier stages and contribute to the development of projects it will subsequently represent internationally.

Notable Productions

Celluloid Dreams has represented films by some of the most significant directors in world cinema:

House Style / Genre Focus

Celluloid Dreams specializes exclusively in auteur and arthouse cinema. The company's "Directors Label" represents filmmakers with strong personal visions, including Jafar Panahi, Hirokazu Kore-eda, Amos Gitai, Bertrand Bonello, Guy Maddin, Abel Ferrara, and Neil Jordan.

The company does not handle commercial genre films, mainstream entertainment, franchise content, or films without festival pedigree. Celluloid Dreams avoids projects that lack international arthouse market potential. Documentary films outside the auteur sphere also fall outside its scope.

How They Typically Find Talent / Take Submissions

Celluloid Dreams evaluates projects for international sales representation based on directorial reputation, festival potential, and appeal to the arthouse market. The company does not accept unsolicited submissions. Projects reach the company through:

1. Established director relationships: Filmmakers previously represented by Celluloid Dreams bring new projects directly
2. Festival scouting: CEO Saliha Guemraoui monitors Cannes, Venice, Berlin, and Locarno for acquisitions
3. Producer and sales agent referrals: Industry contacts route projects through the company's Paris office

Guemraoui has stated she deliberately delays acquisitions to avoid "festival goggles," waiting to evaluate films after initial festival buzz settles.

Recent Output / Slate Year (2025-2026)

The relaunched Celluloid Dreams returned to the international market at EFM 2025. Recent acquisitions include:

• Stereo Girls (Les Immortelles) - opened the 40th Venice Critics' Week
• Songs of Forgotten Trees - debut feature by Anuparna Roy, Venice Orizzonti Competition 2025
• Kyushu Moon - starring Alba Rohrwacher, presented at EFM 2026

The company is actively rebuilding its slate under Guemraoui's leadership, with 5 projects in the current sales pipeline.

What Filmmakers Should Know

Celluloid Dreams evaluates projects for international sales representation based on directorial reputation, festival potential, and appeal to the international arthouse market. The company's Paris base gives it direct access to the French market and to the network of European co-production partners and funding bodies. For established auteur directors with international profiles, Celluloid Dreams offers experienced sales representation focused exclusively on quality independent cinema.

Under Guemraoui's leadership, the company is actively rebuilding its slate and seeking new partnerships. Filmmakers and producers with auteur-driven projects should approach the company through established industry channels. The company's team includes Guemraoui as Head of Sales and Acquisitions, along with dedicated staff for sales, business affairs, marketing, and catalogue bookings.

The independent sales agent market has been under growing pressure in recent years. Streaming platforms have compressed the arthouse distribution ecosystem, and the gap between acquisition costs and recoupment has narrowed. Guemraoui has spoken publicly about the squeeze on independent sales agents, making it more important than ever for filmmakers to understand the economics of international sales before signing with an agent.

For filmmakers considering Celluloid Dreams or any international sales agent, the key questions are: What territories does the agent have proven buyer relationships in? What is their track record at the major markets (Cannes Marche du Film, EFM, AFM)? Do they also handle production financing or co-production, which can add value beyond pure sales? Celluloid Dreams' 35-year history and its "Directors Label" reputation position it well on all three counts, though the relaunch means its current slate is still growing.

Key Numbers

• Founded: 1993
• Founder: Hengameh Panahi (died 2023)
• Current CEO: Saliha Guemraoui (CEO since 2023)
• Location: 44 rue Blanche, 75009 Paris
• Years in operation: 35+ years
• Market presence: EFM, Cannes Marche du Film, Venice, Berlin
• Notable directors represented: Jafar Panahi, Hirokazu Kore-eda, Amos Gitai, Bertrand Bonello, Guy Maddin, Abel Ferrara, Neil Jordan, Gavin Hood, Christophe Honore
• Relaunched at EFM: 2025
• Recent acquisitions: Stereo Girls (Venice Critics' Week 2025), Kyushu Moon (EFM 2026), Songs of Forgotten Trees (Venice Orizzonti 2025)
• Team size: Head of Sales/Acquisitions plus sales, business affairs, and marketing staff

Watch: Trailers & Behind the Scenes

See Also

For understanding how international sales agent deals work, see Distribution Deals Explained. To model revenue across international territories, use the Revenue Forecast Calculator. For comparing distributor and sales agent deal structures, see the Distributor Comparison Tool.