Review 2011

Chairman’s Report can be attributed to bullish seller-driven estimates. Very simply, if the estimates are too high, the works will not be attractive to potential buyers and therefore will not sell. Following the unsuccessful sale of Irma Stern’s The Cellist and two Pierneefs, StephanWelz commented: “this was obviously a disappointment but I believe readily accounted for. We are dealing in a relatively small market and it has simply been saturated with expensive Sterns and Pierneefs in the last 18 months. The heartening aspect of our auctions this year was the prices paid for good works by less prominent artists and contemporary artists. In fact this reflects a broadening of the market which is to be welcomed. The market also proved strong for good works realistically estimated - which is how it should be.” Two milestones in South African Art returned to the market JH Pierneef’s masterpiece Extensive Landscape Northern Transvaal made auction history in 1985 when it became the first South African painting to break the one hundred-thousand rand mark, selling for R120 000. In March 2011, twenty-five years later, it has become the most expensive Pierneef to be sold at auction in South Africa. In 1995, Irma Stern’s Still Life of Delphiniums created a stir when it broke through the R200 000 barrier selling for R209 000. This set a new record for Irma Stern and was South Africa’s most expensive painting sold at auction for over five years. It is now the third most expensive still life by the artist, following closely behind Gladioli and White Lilies . Both the Pierneef and Stern paintings sold in March for R10 583 000. This proves that art has investment potential and the added benefit of providing daily enjoyment. Cape silver breaks records Decorative Arts performed well this year, the highlight being Cape silver. We were fortunate to handle The Du Plessis Collection which comprised high quality and rare pieces. An 18th-century Cape silver coffee pot sold for R512 400. This was followed closely by a Cape silver sugar basket which sold for R490 160. These are the two most expensive pieces of Cape silver ever sold. Both pieces more than doubled the previous highest price paid for a piece of Cape silver. These pieces were held by the Du Plessis family for six generations, having been first acquired in the 1780s. Both pieces featured on South African postage stamps issued in November 1985. Rare and important pieces with a good provenance will invariably command high prices. Low buyer’s premium Despite this more strained market, we are pleased to announce that there will be no increase in our buyer’s premium, which is the lowest in the current market. It is set at 10% of the hammer price for lots selling in excess of R10 000 and 15% for lots selling at R10 000 and under. VAT is charged only on the premium (the latter being a service charge). Staff We are delighted to welcome Susie Goodman (née Johnson) who recently joined Strauss & Co as Head of Client Services and Client Development in our Johannesburg office. Susie brings with her a wealth of experience having worked at Christie’s in London for eight years where she headed the Client Advisory Department, was in charge of new buyer development, client development projects and private clients. She is also a trained auctioneer. Strauss & Co’s contributions in 2011 We were involved in a number of fundraising initiatives which all proved to be an enormous success and very rewarding. Name the Iris: The WWF Table Mountain Fund approached us to sell the naming rights of a rare newly discovered West Coast iris on the verge of extinction. It started as a tailor-made online auction hosted on the Strauss & Co website and culminated in an elegant dinner and auction conducted by Stephan Welz at The Mount Nelson Hotel. After competitive bidding it was finally knocked down for R550 000 to Mike and Rose Hainebach who named the iris after his family, the formal Latin name being Moraea hainebachiana . This is the first time that a plant species name has been auctioned in Africa. Over R718 000 raised for art bursaries at Michaelis: In July the Michaelis School of Fine Art, Cape Town, hosted its much anticipated Alumni and Staff Auction in aid of bursaries and 6