Strauss & co - Review 2019

Chairperson’s Report Milestone years are important in the life of any business. I am happy to report that in 2019, our tenth year of trading, Strauss & Co achieved a headline turnover of R319.4 million. This is our second best result since Strauss & Co started trading in 2009. It is a very credible performance, in my view, particularly in a challenging business environment. I attribute this success to a number of factors. Over the past decade, Strauss & Co has handled a number of important works by South African masters, including Maggie Laubser, JH Pierneef, Alexis Preller, Gerard Sekoto and Irma Stern. Last year was no exception. Our March sale included three high-quality Stern portraits from her revered Zanzibar period as well as an important Preller work. Consigned from two noteworthy single-owner collections, the works inspired enthusiastic bidding that significantly contributed to the final sale tally of R107 million. The result for our March sale was a historic moment for the company in its tenth year of business as it marked the first time a South Africa auction had ever grossed more than R100 million. This outstanding result was a major vote of confidence for Strauss & Co and an affirmation of the durability of the South African art market. The impressive single-lot results proved that even in difficult economic times there will be demand for high- quality works with impeccable provenance. Another breakthrough event from 2019 took place at our contemporary art sale when a photograph by Athi-Patra Ruga sold for R1.7 million. The result was one of 23 new world records achieved at this specialist sale. Our aim when we launched the contemporary art sale in 2018 was to build new audiences and widen the base of collectors. I was delighted to see so many new bidders and first-time buyers at the 2019 sale. It confirms our decision to devote our energies to creating a standalone sale for this important category. One noticeable trend in 2019 was the increased internationalisation of our sales, especially in the decorative arts segment. A high percentage of the buyers at our two annual decorative arts sales in Cape Town were from abroad. This is an important trend. Not only has it enabled Strauss & Co to grow its buyer base, it has also allowed thecompany to expand its presence outside of South Africa. This is a very positive development, one that we hope to consolidate and expand upon in future. Strauss & Co confirmed its reputation for handling complex single-owner collections in a responsible and efficient manner in 2019. We brokered the sale of a number of important collections and estates, including the Sol Munitz Collection, Louis and Mavis Shill Collection, Peter and Regina Strack Collection, Dr JR and Mary Strong Collection, Dr Johan Bolt Collection, Andrew Newall Collection, Sonia Lapin Collection, Wolfgang Biederlack Estate, the Edoardo Villa Collection that formed part of the Aldo Carrara Estate, and a small selection from the Estate of the Late Erich Mayer. The sale of the contents of Harcroft House required its own dedicated sale. These high- quality collections are a testament to the connoisseurship of South African collectors. 4