Strauss & co - Review 2020

Jacob Hendrik Pierneef Still Life with Pelargoniums Sold R796 600 “Asmarket leader we have a responsibility to constantly innovate,” said Strauss & Co joint managing director Bina Genovese in the lead up to the November sale. “We successfully introduced new hybrid ways of trading and connecting with our clients in response to the Covid-19 pandemic. The net outcome of our hybrid live-digital strategy for 2020 has been a 30% growth in new clients. We have learnt that in a pandemic economy, when collectors pursue their passions remotely, the geographic location of a sale is of secondary importance. This suggested an opportunity to remodel and strengthen both the format and content of our live sale.” Market innovations are not immune to market pressures. Bain & Company, the world’s leading advisor to the global luxury goods industry, warned of significant declines in the luxury goods market due to the 2020 pandemic. In South Africa, the arrival of Covid-19 added to existing downward pressures from the country’s stagnant GDP. While the medium- term outlook points to recovery and growth, in the short-term consumers of luxury goods in South Africa are increasingly looking to the secondary market, according to specialist commentators. William Kentridge Dutch Iris Sold R1 251 800 We have learnt that in a pandemic economy, when collectors pursue their passions remotely, the geographic location of a sale is of secondary importance. 45