Glossary of Terms

Frequently Asked Questions

Buying and Selling on Auction

Selling at Strauss & Co

We do not sell works but auction them off on the seller's behalf.

    • Complete a valuation form online or bring your artworks into one of our offices to receive a valuation.

 

    • If you are happy with the valuation and estimates provided by one of our art specialists, we will consign it to an upcoming auction.

 

    • Once consigned, your work will fall under our care and insurance.

 

    • Once sold, we will pay you out, less the seller's commission and VAT, within a month of the closing date of the auction.

 

    • Our seller's commission structure is currently 12% - 15% on the hammer price. VAT is only charged on the seller's commission.

 

Complete Valuation Form Here

Virtual Live Auctions

Purchasing items on our Virtual Live Auctions can be done online through our website or in-person.

Virtual Live Auctions will go live when the sale opens and will be conducted by one of our Auctioneers.

Please make sure that you have registered for the auction. This can be done online or in-person.

The auctioneer will sell the lots consecutively.

Once a lot is sold it is no longer covered by our insurance. Please contact us to arrange for collection or delivery.


Bidding

In-person bids can be placed by attending our Virtual Live Auctions.

Online bids can be placed through our website for Online-Only and Virtual Live Auctions.

Absentee bids are used for Virtual Live Auctions and work in the same way as commission bids. You can place an absentee bid by calling us or emailing bids@straussart.co.za.

Telephone bids can be placed before a Virtual Live Auction. You will receive a call from one of our staff members who will assist you with placing bids on your behalf once the auction goes live.

Push bids are executed when multiple commission bids are received on the same lot. The bid that was received first will be the bid that is accepted first. The remaining bids of the same value are “pushed” into the bidding history so that they are acknowledged even though they have not been accepted. This is the reason why it sometimes appears that a bidder is bidding against themselves.

 


Buyer's Premium

12% (for items selling above R 20 000) or 15% (for items selling at or below R 20 000). 15% VAT is only charged on the buyer's premium.
For example, if you purchase an item for R 10 000, you will need to add a buyer's premium of 15% on the R 10 000 (R 1 500) plus 15% VAT on the premium of R 1 500 (R 225). In total, the purchase price will amount to R 11 725.


Payment

Payment can be made by

    • Electronic Transfer (EFT)

 

    • Credit cards (Mastercard, Visa, and Diner's Club)

 

    • Telegraphic Transfer (TT) Remitter to bear all costs

 

 

Online-Only Auctions

 

    • Purchasing items on our Online-Only Auctions can be done online through our website.

 

    • Online-Only Auctions are held throughout the year, with 9 Online-Only Auctions taking place in 2022.

 

    • You may bid on the lots on offer over a 7 day period. The winning bid is the highest bid at the close of the auction.

 

    • Once an artwork is sold it is no longer covered by our insurance. Please contact one of our offices to organise collection or deliver.

 

    • To reduce the likelihood of being outbid please start monitoring your bids an hour before the auction closes. If you have placed bids on multiple lots you will be able to place further bids and monitor your lots from your 'Auction Favourites' tab under 'My Account'.

 


Bidding

 

    • Lot Bidding Extensions

      Where there is bidding activity on a particular lot within 5 minutes prior to the lot's allocated closing time, there will be a 5 minute bidding extension on that lot until only one bidder remains. These extensions will continue indefinitely until there is no more bidding activity on the lot for a period of 5 minutes implying that there is no further interest. This extra time is designed to accommodate interested bidders and allow them the time to compete for a lot until their ceiling has been reached.

      This is also designed to avoid the last-minute rush where bidders log onto Strauss Online at the end of the auction in an effort to leave a single winning bid seconds before the sale's closing time. This is called sniping and is considered unfair practice to both buyers and sellers and the lot bidding extension has been designed to avoid this.

 

    • Commission Bids

      Due to the huge surge in activity on Strauss Online in the last 60 minutes prior to the auction closing-time, we encourage bidders to leave commission bids on lots in which they are interested to avoid the possibility of being unable to access the site or a particular lot shortly before the sale's closing-time and risk losing the lot.

 

    • Push Bids

      Push bids are executed when multiple commission bids are received on the same lot. The bid that was received first will be the bid that is accepted first. The remaining bids of the same value are “pushed” into the bidding history so that they are acknowledged even though they have not been accepted. This is the reason why it sometimes appears that a bidder is bidding against themselves.

 


Buyer's Premium

15% on the hammer price and 15% VAT on the buyer's premium only.

For example, if you purchase an item for R 10 000, you will need to add a buyer's premium of 15% on the R 10 000 (R1 500) plus 15% VAT on the premium of R 1 500 (R 225). In total, the purchase price will amount to R 11 725.


Payment

Payment can be made by

  • Electronic Transfer (EFT)
  • Credit cards (Mastercard, Visa, and Diner's Club)
  • Telegraphic Transfer (TT) Remitter to bear all costs

Yes, even if you are an existing client, you need to register for each auction independently. Once you have completed the registration process you will be provided with your bidder number. You will only be able to bid once you have your bidder number.

View current and upcoming auctions

Registration can only take place once an auction has gone live on our website. A ‘Register to Bid’ button will appear once the auction is live.

  • On the home page select the auction you wish to bid on.
  • Click ‘Register to Bid’.
  • Existing clients can sign in and register.
  • If you are a new client please complete the registration form.
  • Once registered, you will receive your bidder number. New clients will need to be approved before you able to start bidding. Please allow some time for this process to happen. You will receive an SMS once you have been approved.
  • You are now ready to bid!

Once you have registered you can use your email address and password to sign in by simply clicking ‘Sign In’ in the top right-hand corner of the home page.

To create your password click on 'Sign In' and then click on 'Forgotten Password'. You will receive an email with a link to create or reset your password.

Current Bid - Increment

 

    • Under R 2 000 - R 100

 

    • R 2 000 to R 3 000 - R 200

 

    • R 3 000 to R 5 000 - R 200 / R 300 (R 2 000, R 2 200, R 2 500, R2 800, R 3 000)

 

    • R 5000 to R 10 000 - R 500

 

    • R10 000 to R 20 000 - R 1 000

 

    • R 20 000 to R 50 000 - R 2 000 / R 3 000

 

    • R50 000 to R 100 000 - R 5 000

 

*and so on in multiples of 10

Please note that for Virtual Live Auctions the auctioneer is entitled to change the increments as they consider appropriate.


How does this Affect Commission Bids?

Commission bids are aligned with our bidding increments, so should you enter a Commission Bid that is not a valid bidding increment for that lot, it will automatically be reduced to the closest bidding increment.

For example:

A lot currently has a bid of R 2 000, you are prepared to go to R 2 500 so you enter a Commission Bid of R 2 500. However, according to the table, R 2 500 is not a valid bidding increment so your Commission Bid will automatically be reduced to R 2 400.

Notifications are only sent out during an Online-Only Auction.

The system will send you an email or SMS every time you are outbid on a lot. During the last hour of an online auction, we suggest that you sign in and keep an eye out on your lots so as to not lose out on last minute bidding.

If you are bidding on multiple lots, please locate the 'Auction Favourites' tab under your account. You will be able to view all of your current bids and bid directly from your favourites page should you be outbid.

When placing a bid you have the option of submitting a Commission Bid. This will allow you to set a maximum amount you are willing to spend on a specific lot. The system will bid on your behalf until your maximum bid has been reached. You will then be notified once you have been outbid. To increase you bid again, simply sign in and place a higher bid on the lot.

Due to the huge surge in activity on Strauss Online in the last 60 minutes prior to the auction closing-time, we encourage bidders to leave commission bids on lots in which they are interested to avoid the possibility of being unable to access the site or a particular lot shortly before the sale's closing-time and risk losing the lot.

Once the auction has closed we will send you an email with instructions on how to check out. On checkout please select where you would like to collect your works, or enter a delivery address. If you choose the delivery option, a member of our shipping department will contact you with a quote.

When multiple commission bids are received on a lot for the same amount, the bid that was submitted to us first is the one that will be used.

For example:

A lot currently has a bid of R 1 600 and you are prepared to bid up to R 2 000. You enter a commission bid of R 2 000. Therefore, your bid would be R 1 700 with a commission bid of up to R 2 000. Should someone else bid they would bid R 1 800 which would be countered by your commission bid. This would bring your bid to R 1 900. Should the other person wish to bid, they would have to bid R 2 000. However, because you placed a commission bid first for R 2 000 you will hold the lot at R 2 000 until your are outbid. Should a bid of R 2 200 be made you would lose the lot unless you place a new commission bid or a higher manual bid.

Currency conversion is available wherever you see the lot thumbnail or on the lot details page. Only lots that are current or forthcoming can be converted – lots from previous auctions cannot be converted.

The currency converter icon is a stack of coins in the top menu and only appears if there is something on the page that can be converted.

The currency list (updated once daily) is as follows:

    • US Dollar

 

    • Euro

 

    • British Pound

 

    • Australian Dollar

 

    • Canadian Dollar

 

    • Chinese Yuan

 

And the crypto currencies (updated every 5 minutes) are as follows:

    • Bitcoin

 

    • Ethereum