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Strauss & Co - Results First Semester 2016

24 Jun 2016

The mid-year results reaffirm Strauss & Co’s position as the global leader for South African art with a turnover of R90 736 710 and a sell-through rate over 80%. “Our market-related estimates remain at the core of our practice and are substantiated by our consistently high sell-through rate,” says Bina Genovese, joint Managing Director.

Strauss & Co’s Cape Town auction in March was dominated by works by Robert Hodgins, three of which featured amongst the top ten lots. The highlight was undoubtedly Hodgins’ Bad Man with Great Threads which sold for R2,4 million, tripling the pre-sale estimate. Strauss & Co holds all the records for the artist including the R2,6 million achieved for J’Accuse in March 2015.

A further highlight was Walter Battiss’s Red Rock which sold for R1,8 million. Executed in 1949 it constitutes a seminal work in the artist’s oeuvre. Birds and Boats by Maggie Laubser, one of the most appealing paintings by Laubser to appear at auction in recent years, sold for R1,5 million, setting the bar for the selection of works by the artist that will be on offer in Cape Town later this year. A number of these works were found on a recent series of valuations in the Eastern Cape. Vanessa Phillips, Joint Managing Director, commented “We are excited by the works consigned as they are fresh to the market and have excellent provenance”.

While South Africa’s weaker currency and other external economic factors might have been expected to dampen the market, exchange rates favouring international buyers resulted in an increased interest from abroad. In particular this trend is illustrated by a group of ‘Persian style’ illustrations by the Russian artist Paul Mak which sold for R932 000 following fierce competition between ten international telephone bidders. Visiting auctioneer Dendy Easton, former director of Sotheby’s UK and well-known for his appearances on the BBC Antiques Roadshow, noted “This exceptional result underscores Strauss & Co’s power to exploit the internet to reach a global audience.”

The strong market for fine Cape furniture was once again evident. Pieces once part of the historic Vergelegen Estate in Somerset West achieved R2,4 million which included the highest price ever paid for a gate-leg table. Interest in Cape history continued with the 100% sell-through rate for a single owner collection of fine Cape silver which totalled over R1,1 million.

The Johannesburg May auction was headlined by Irma Stern’s Portrait of Freda Feldman with Basuto Hat which realised over R5 million. This arresting portrait was repatriated to South Africa from Australia confirming our clients’ confidence in Strauss & Co to handle works of this calibre. The sale was marked by confident bidding on the eleven works on offer by JH Pierneef which all sold well over their pre-sale estimates. A further encouraging sign of the market’s strength was the competition for Vladimir Tretchikoff’s Sunflowers which saw R1.7 million achieved against a pre-sale estimate of R400 000 – 600 000.

	Lot 282 Irma Stern Portrait of Freda Feldman in Basuto Hat	R5 115 600
	Lot 242 Jacob Hendrik Pierneef Winter Bosveld	R1 818 880
	Lot 294 Vladimir Griegorovich Tretchikoff Sunflowers	R1 705 200
	505 Robert Griffiths Hodgins South African 1920-2010 Bad Man with Great Threads	R2 387 280
	476 Walter Whall Battiss South African 1906-1982 Red Rock	R1 818 880

It was once again pleasing to see the continuing appetite for contemporary South African art evident both in Cape Town and Johannesburg with artists such as William Kentridge, Penny Siopis, Sue Williamson, Willem Boshoff, Pieter Hugo, Kudzanai Chiurai and Andrew Verster all performing exceptionally well. Strauss & Co’s results attest to the extraordinary growth in this area of the market over the last few years and Art Specialist Alex Richards believes that the “interest is in line with global trends focusing on contemporary African and South African art”.

The second half of 2016 opens with new players entering the market and changes in our Johannesburg and Cape Town offices. “New entrants suggest buoyancy and confidence in the art market” says Bina Genovese, “and Strauss & Co will continue to be at the forefront of the development of the South African art market. Our commitment to our clients is unwavering and we look forward to exceptional results in the second half of the year”.

Press enquiries
Bina Genovese
bina@straussart.co.za / 083 680 9944