Strauss & co - Review 2024

59 CHAIRPERSON’S REPORT 2024 58 CHAIRPERSON’S REPORT 2024 Opening the door to a better 2025 According to theWorld Bank, global economic outlook remains subdued by historical standards. In 2024-25, global growth is set to underperform its 2010’s average in nearly 60% of economies home to over 80% of the global population. Predictions are that growth in Europe and Central Asia, Latin America and the Carib- bean and South Asia will decelerate. The good news, though, is that growth is projected to pick up in Sub-Saharan Africa. Some of the major downward pressures on South Africa’s economy are now thankfully behind us, chief among them peak interest rates, high fuel prices, election uncertainties and unstable electricity supplies. S&P Global Ratings, an American credit rating agency, predict that South Africa’s GDP growth will increase to 1.4% over 2025–2027 from just over 1% in 2024, not- withstanding the constraint of on-going logistics bottlenecks. It adds that planned acceleration of economic reforms by the new coalition government and a pickup in private investment could bolster prospects more than we expect. What does this macro-economic news mean for Strauss & Co? We will continue to operate as an African-centred auction house with an international focus. We are optimistic that our hard work in broadening our offering and expanding our geo- graphic reach will yield positive results in 2025, and beyond. In conclusion, I extend my gratitude to our dedicated employees, valued clients, supportive boards and other stake- holders for their continued trust and collaboration. Together, we have achieved significant company milestones in 2024 that enabled Strauss & Co to remain Africa’s leading auction house. Thank you, Frank Kilbourn Chairperson Strauss & Co Strauss & Co at Oude Leeskamer and Die Stadsaal Our mission To be the most dynamic auction house in Africa driven by expertise, technology and commitment to excellence Africa’s Leading Art Auction House