The son of a banker, he founded a small bank, the Société Strauss et Cie, in Paris. He and his wife Mémé had two sons, one, André, born in 1903.
He collected European Old Masters, particularly French 18th century paintings and Italian Renaissance art (he visited Italy annually), as well as furniture and porcelain. He also collected fine Impressionist works. He owned Whistler's Portrait of a Baby y549. When he ran out of space, he sold works at the Jules Strauss Sale, Paris, Hotel Drouot, 3 May 1902 (the Whistler was lot 71). He continued to collect, expanding his collection to include Post-Impressionists. Another sale was held in 1932, and he continued to enjoy collecting art, and eating chocolate eclairs.
Aleandre, Arsène intro., Jules Strauss Sale Catalogue, Paris, Hotel Drouot, 3 May 1902.
Strauss, Michel, Pictures, Passions and Eye: A Life at Sotheby's, London, 2013.