Strauss & co - 2017 Mid-year Review

JH Pierneef Farm Jonkershoek With Twin Peaks Beyond, Stellenbosch Sold R20 462 400 WORLD RECORD FOR THE ARTIST Records galore: Strauss & Co’s bumper half-year Trade has been extraordinarily brisk at Strauss & Co in the first half of 2017. Robust sales at the company’s two live auctions in March and June, have seen established records tumble in both individual and aggregated categories. It is a positive sign for the year ahead, not simply for the company but also collectors of South African fine and decorative arts. The upbeat mood was evident at Strauss & Co’s first live sale of the year, held in CapeTown on 6 March. The daylong auction achieved combined sales totalling R73 647 904, surpassing the previous high of R66.8 million achieved at a 2010 sale in Johannesburg. The sell-through rate, an important barometer of diversity in the offerings and vigour in the market, was 89.12% by lot and 95.92% by value. The exceptional March result was built on strong sales across all Strauss & Co’s key categories, notably earlier-twentieth century modernist painting, post-1994 contemporary art and the decorative arts. The latter category refers to furniture, silver, glass, jewellery and related design objets d’art. “This superb result sends a strong and encouraging message to the market,” commented Frank Kilbourn, Strauss & Co’s Executive Chairman, after the March sale. “There was a significant demand for high quality work across all the categories.” The depth of this demand proved itself in Johannesburg on 5 June, at the second of Strauss & Co’s four annual live auctions. The auction established a new benchmark with a grand total of R90 292 917 in sales achieved. The sell-through rate was 82.51% by lot and 95.92%by value. The star lot was undoubtedly JH Pierneef’s 1928 oil depicting a farm in Jonkershoek, which sold for R20 462 400. Speaking immediately after the sale, Kilbourn remarked: “Tonight proved conclusively that South Africa is the most appropriate place to sell high-quality local artwork, be it historic or contemporary.” It bears noting that Strauss & Co’s remarkable half-year results follow a period of change at the company after the death in late 2015 of veteran auctioneer and Managing Director, Stephan Welz. Last year Kilbourn was appointed Executive Chairman, Vanessa Phillips and Bina Genovese jointly serving as Managing Directors. Together with Susie Goodman, General Manager of the Johannesburg Office, they lead a team of highly motivated and experienced art professionals supported by a determined board. Teamwork and the loyal support of their clients, has been key to the company’s solid growth in 2016 and exceptional half- year performance in 2017. 4