Strauss & co - Review 2024

16 CHAIRPERSON’S REPORT 2024 17 CHAIRPERSON’S REPORT 2024 Our web-based sales platform still offers a lot of untapped potential for clients, who can register their interests and build their own wishlists to track artists, makers, designers, producers and item categories. The Covid pandemic was influential in testing our digital strategy. It also played an important role in introducing Strauss & Co to new international buyers. In 2020, international clients numbered 19.8% of all buyers. In 2024 it has grown to 21.7%. Granted, the uptick is slower than desired, but the growth has been consistent year on year. In 2024, Strauss & Co increased the volume of lots handled and sold. The increase partly reflects the gains of our flour- ishing wine department, which hosted 11 auctions, earning R31 885 460 from 2 252 lots sold. The benchmark lot sell-through rate of 85% achieved in our inaugural wine sale in June 2019 was frequently met in 2024 wine auctions. This performance data is encouraging. However, one moder- ating factor is the slow erosion in sales above the high estimate. In 2024 it fell to 13.7% from 23.7% in 2020, in line with prevailing market conditions. Encouragingly, the number of lots sold at the mid-estimate also grew to 21% in 2024 from 18.2% in 2020. Estimates generally track historical data, and do not account for market volatilities and changing tastes. This is an area that requires further focus as it involves balancing realistic apprais- als for our clients with the capacity of our experts to seal crucial consignments. Notwithstanding increased investment in growing our inter- national presence, our profitability remained solid. This positive bottom-line outcome is the result of disciplined cost manage- ment, fiscal and operational efficiency and a consistent focus on delivering value to our private shareholders. Creative strategies marketing a diversified portfolio Strauss & Co’s expanding offering of South African and inter- national art, wine and spirits, decorative arts and jewellery has challenged our specialists to creatively package sales. I was encouraged by the dynamic presentations of artists, makers, designers, producers and collectable items to potential buyers. In September we presented the single-artist auction A World in Clay: Hylton Nel’s Ceramic Studio . It followed shortly on Nel’s collaboration with Dior fashion designer Kim Jones. All 49 ceramic lots in the sale found buyers. This white-glove sale was a strong reminder of what is possible when quality work is crea- tively packaged at a time of heightened interest. Nel was also the star performer in Sculpted Narratives: South African Ceramics , a brilliantly curated ceramic showcase that formed part of Strauss & Co’s maiden live auction series in Pre- toria. This two-part auction in June also included the Pretoria Sale: Modern and Contemporary Art , a timely showcase of art- works by artists linked to the capital city. It was a privilege to host this landmark sale in the former home and studio of the much-loved landscape painter J H Pierneef. Our first major auction of 2024 was Curatorial Voices: African Landscapes, Past and Present . Held in February, the second edi- tion of this ambitious auction and exhibition project presented artists from Benin, Democratic Republic of the Congo, Egypt, Ghana, Namibia, Nigeria, South Africa, Tunisia and Zimbabwe. It coincided with the second Art Business Conference. Hosted at Strauss & Co, this symposium aimed at collectors and industry professionals was held in collaboration with Art Market Minds and sponsored by ITOO Artinsure. Other notable themed auctions included Ways of Seeing: South African and International Photography , our first-ever standalone photography auction, held in September, and The Fine Gem Edition in October, which further consolidated our commitment to handling precious stones. In November we presented Cape Fine Brandy , a successful new auction category that presented collectors with a definitive selection of rare Cape brandies from six South African producers. Our diverse offering, and the commensurate innovative packaging thereof, definitely resonated with collectors. We witnessed a strong showing of new registrants at our auctions throughout 2024. Encouragingly, the pool of new buyers grew 21.6% from 2023. Hylton Nel  Weeping Cat Sold R161 000 / $9 017 17 september , a world in clay : hylton nel ’ s ceramic studio