Strauss & co - 2014 Review

StraussOnline: Time-limited Auction Sales Exclusively Online With the exponential growth in online transactions, virtual shopping has become increasingly dominant in today’s commercial world. The inevitable development of online auctions has consequently followed suit. Not to be confused with online bidding (which simply refers to placing bids on lots during live, physical auctions via the internet), online-only auctions are virtual auction sales conducted exclusively on the internet. In November 2013 Strauss & Co launched its first online- only auction platform branded StraussOnline . This is a solely online auction platform where all sales are time-limited and offered only at www.straussartonline.co.za. This industry advancing platform has been developed to nurture the broader art market and to make affordable, quality fine and decorative art works accessible to a more expansive market than ever before. Potential buyers and emergent collectors now have the benefit of being able to view and bid at sales from anywhere in the world, thereby making art auctions accessible to prospective buyers globally, and those unfamiliar with the auction process. Buying and selling online is today key to engaging younger buyers and the next generation of art collectors. Since its inception in 2013 and over the course of the four sales that have since been held, StraussOnline has steadily developed and, in its most recent offering, achieved a 60% sell-through rate of all the items on offer, totalling an impressive R2.35 million from 257 lots sold. This product not only strengthens Strauss & Co’s position as market leaders but also presents an important milestone in the development of South Africa’s art industry as the first dedicated, exclusively online- only art and antiques auction website in the country. This also gives the company the ability to host sales more regularly, thereby relieving clients of the lengthy wait between their four annual catalogue auctions, as well as providing a regular platform for collectors, dealers and artists alike, to buy and sell quality art and collectibles. There has been a marked increase in virtual stores and online sales platforms globally, including Christie’s new online-only site, launched in 2013, with highly successful sales of Andy Warhol fashion drawings, Hong Kong jewels and Wines. The Hiscox Online Art Trade Report 2014 , researched by ArtTactic , published in the Antiques Trade Gazette , showed that: • The vendor’s reputation and brand strength is likely to become the single most important component to success in selling art and antiques online • Transparency, improved logistical processes and trusted due diligence are key ingredients for success • The ease of discovery and search drives interest in buying art online – 75% of the online art buyers surveyed said the primary advantage of buying online was the ability to find art and collectibles that they otherwise would never find in a physical space; 63% said that the convenience of bidding and buying was a key advantage • Improved buyer satisfaction levels – 65% of buyers are already extremely or very satisfied with their online buying experience StraussOnline has firmly met these criteria and continues in its endeavour to improve service wherever possible – this accounts for the initial and lasting success this platform has achieved. With the benefit of Strauss & Co’s principled reputation, superior standard of cataloguing and expertise, and the guarantee of quality and authenticity unmatched by our competitors, research by ArtTactic corroborates that this product will indeed be highly successful, as trust and reputation, more than technology or pricing, are the primary driving forces behind online success. TEFAF reported the value of the global art market at $56bn per annum. ArtTactic estimates that online sales across all platforms for 2012 were $870m and will rise to $2.1bn by 2017. With the growing confidence in web-based art businesses, StraussOnline is set to deliver the same success and enjoyment for its users as has become synonymous with Strauss & Co. Ruarc Peffers 98