Strauss & co - Review 2022

In many respects, 2022 was a year of internal transition for Strauss & Co. Capital was committed to modernising the organisational structure of the company and to further updating its technology. Strategic staff were hired and existing staff redeployed to better suit their competencies and career aspirations within the company. The physical distance between the Cape Town and Johannesburg offices was gapped. The Cape Town office also moved into new, larger premises with exhibition facilities, ready to start afresh in 2023. A revitalised sense of mission has been achieved. These internal developments are largely invisible to our clients, but they are central to ensuring that Strauss & Co remains an agile, client-centric and results-orientated auction house. For collectors, 2022 was a year of opportunity and challenge. It broadly remains a buyer’s market, in large part due to turbulent macroeconomic circumstances and their impacts on liquidity. Political turmoil and infrastructure challenges remain a stark theme of doing business in South Africa. Globally, China’s longer than anticipated lockdown coupled with an unexpected war in Ukraine caused major business disruption. Interest rate hikes and the mounting costs of energy added to the difficulties of doing business in 2022. Exceeding expectations, no matter what, has always been the Strauss & Co way. This drive is reflected in our overall performance for 2022. Strauss & Co sold 6381 lots at 55 auction sessions held in 2022, earning a total income of R354 million ($20.8 million). This result is hugely creditable given that in 2021 we earned R356 million ($20.9 million) from the sale of over 8 500 lots, the largest volume ever traded in a single year by the company. We had to work really hard to achieve this positive outcome. How did we do it? Focus. Particular attention was given to the form and content of Strauss & Co’s four marquee live- virtual auctions, as well as the quota of monthly online-only auctions. Auctions were carefully curated and we expanded our standalone sales devoted to specific artists and media. Our strong emphasis on curation yielded positive results. Strauss & Co hosted nine “white glove” auctions in which 100% of the lots on offer sold. The wine department excelled, scoring eight perfect sales, disproving early criticisms of Strauss & Co’s foray into collectable wines. It was immensely gratifying to see all 140 works in the first-ever auction entirely devoted to Irma Stern sell. The outcome of this sale was a wonderful celebration of a great artist and affirmed the value of modernist South African art as a bankable asset. It was especially pleasing to see a third of the works in this landmark sale go to new clients. Strauss & Co presented four single-artists auctions in 2022, including standalone sales for Robert Hodgins,WilliamKentridge and J. H. Pierneef. The depth of interest in Pierneef, one of our Old Masters, is remarkable. New buyers accounted for roughly half of the successful bidders. The bulk of the people placing bids were aged between 40 and 59, which is very encouraging. Strauss & Co is a guardian for blue-chip artists but recognises the importance of affirming undervalued South African artists. In April, we drew attention to the work of George Pemba in a sale. Other artists spotlighted for attention throughout 2022 included Albert Adams, Gregoire Boonzaier, Josephine Ghesa, Kate Gottgens, Job Kekana, Sipho Ndlovu, Fred Schimmel, Simon Stone, Alfred Thoba and Vladimir Tretchikoff. These focuses are key to ensuring that the contributions of these important artists are not forgotten. In November, Strauss & Co successfully hosted a sale of 300 lots assembled by the art dealer and collector Dr Matthys Strydom. Matthys was a true connoisseur of art and an important mentor in my own journey as a collector. Much like Louis Schachat, whose legacy was celebrated in a Strauss & Co-sponsored exhibition titled Homage: Erken/Verken at Welgemeend during August Art Month, Matthys was unafraid to look laterally and support artists he believed in. It was satisfying to see collectors bid premium prices for lesser-celebrated – but no less important – artists such as Hardy Botha, Claude Bouscharain, Carl Büchner, George Ramagaga, Olivia Scholnick and Eben van der Merwe during the sale of the Matthys Strydom Family Collection. 5