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We must support the art community affected by the pandemic, says Strauss & Co. Part 2

28 Feb 2022

In the past two years the repercussions of Covid-19 have had a devastating effect on many sectors of the economy. Notwithstanding, established art auction houses seemed to weather the storm. The three biggest global art auction houses – Phillips, Sotheby’s and Christie’s – all recorded their best figures since 2015.

Ironically, volatile markets during the pandemic served to increase the ultra-wealthy’s fortunes, widening the wealth gap. They also unexpectedly benefitted from the increased fiscal stimulus. Art economist Clare McAndrew, who authored the Art Market report, commented in the Reuters analysis of the state of the global art world that the pandemic has accelerated the concentration of art into fewer hands – mostly those of very wealthy buyers and high-profile and established sellers. Increased wealth among high-net collectors is good for art sales, but it creates a top-heavy, winner-takes-all infrastructure. The unequal redistribution of wealth has affected smaller galleries, who are really feeling the pinch, as well as young, up-and-coming artists who have not yet made their mark on the auction circuit.

Local leading South African art auction house Strauss & Co had a good year in 2021 despite hard lockdown restrictions and many months of prohibitions on in-person events and exhibition viewings. “Last year Strauss & Co’s turnover totalled over R350 million – a sum unrivalled by any auction house dealing in South African art in a single year,” says Bina Genovese, the company’s joint managing director. “We were fortunate to hammer down eight of the top ten most valuable artworks on auction in South Africa in 2021, and this was largely thanks to the expansion of our technology infrastructure, which enabled us to pivot successful to a virtual live online sales platform.” This innovation reached a greater number of international collectors who showed a heightened interest in all genres of South African art.

“While we are so grateful for our results during the pandemic, we are well aware that the economy experienced unrelenting pressure and some sectors in the South African art ecosystem weren’t as lucky as we have been,” continues Genovese. “The art world can be an intimidating space for the uninitiated, and as passionate art lovers, we are committed to making the industry as accessible and transparent as possible ­– for buyers and sellers. We go to great lengths to create a welcoming, relaxed space for clients and art lovers, even if they’re not bidding on an artwork. Our consultants’ passion and approachability, and our proven track record, have cemented our name as South Africa’s leading and most trusted art auction house”.

Strauss & Co believes that the art auction houses that weathered the pandemic have a responsibility towards the greater art community. “We need to ensure the viability of all levels in the market – by attracting entry-level novice collectors, stimulating more diversity among buyers, and supporting innovation among young artists,” explains Genovese. 

The company invests in and contributes generously towards art education programs, educational non-selling exhibitions and opportunities for emerging artists from across the continent. The company’s first offering of the year was a non-selling exhibition, titled Giving Direction: Figuration, Past and Present, which explored the dialogue around African-ness and African identity. Held at Welgemeend Manor House during the Cape Town Art Fair in February, the exhibition was accompanied by daily free walkabouts with the curators, guided school tours, and a webinar series of talks with invited art experts.

Strauss & Co also partnered with the African Art Galleries Association (AAGA) in awarding the Emerging Painting Invitational (EPI), a pan-African prize dedicated to supporting emerging contemporary painters and painting. All the artworks from the 16 finalists, from 8 African countries, were available for sale during a dedicated Strauss & Co online auction.

Strauss Education also partnered with the Bag Factory Artists’ Studios in awarding the Cassirer Welz Award. This year’s winner, young Nigerian artist Samuel Nnorom, received a 10-week residency at the Bag Factory in Johannesburg, as well as a stipend for materials and production expenses.

“As the art world slowly recovers from the pandemic, we will continue to support and nurture emerging artists in South Africa and from across the continent, and make the connections between artists, buyers and sellers that make for a healthy, thriving and exciting art market,” concludes Genovese.