Strauss & co - 2019 Mid-year Review

Benchmark sale delivers strong returns Irma Stern Arab Sold R20 484 000 The Late Sol Munitz Collection Over the past two years Strauss & Co has significantly expanded and diversified its sales offering, partly in response to turbulent market forces, but also in the spirit of innovation and exploring new business opportunities. The company hosted a total of eight specialist sales in the period January through June 2019, one more sale than was held in the same period in 2018, and four more than in 2017. Notwithstanding the growth and diversifi- cation of its sales’ platforms (discussed later), it remains a fact that Strauss & Co’s flagship live sales in Cape Town and Johannesburg remain the bedrock of its business and a key driver of sales. Held four times per calendar year, twice in each city, the first of Strauss & Co’s two live sales for 2019 netted a combined total of R168 million (R168 287 994) – or about 85% of Strauss & Co’s year turnover. Strauss & Co’s March sale in Cape Town earned R107-million (R107 053 325), while its May sale in Johannesburg took in a respectable R61 million (R61 234 669). Both sales demonstrated growth when compared to 2018. The March sale in Cape Town, which brought in R66 802 280 more in revenue than 2018’s sale, is undeniably the half-year’s standout event. “This is the first-ever art auction in South Africa to achieve over R100 million in sales,” said Frank Kilbourn, Executive Chairperson of Strauss & Co after the sale. “The sell- through rate of 94% is also unprecedented. It is a historic moment for the company and a wonderful way to celebrate our tenth year of business.” Bina Genovese, Strauss & Co’s joint managing director, says: “With new world records established at both our major live sales, there can be no doubt about the importance of these long-established platforms. They serve an important function in positioning Strauss & Co in a competitive global marketplace for South African art.” 10