Luxury handbags are all the rage in the fashion world.
From Hermes to Channel and all the luxury brands in between, high-end designer handbags are in a league of their own, and it is a very profitable league, to say the least.
They are mostly produced in limited quantities, have the most stunning designs, and are made with only the most high-quality materials. Their stitching is impeccable, and customers from all over the world want to get their hands on them as soon as they are released.
New releases create immense hype and rightfully so.
The limited quantities mean that most people cannot even get their hands on one, and some waiting lists are years long. Hence, the resale market for high-end handbags is also very competitive and demanding.
The High-End Handbag Resale Market
Generally speaking, the resale market for all fashion products has seen a significant rise, especially since customers around the world have realized the environmental impact of fast fashion. People are more aware than ever, and conscious consumers have flooded the resale markets.
More importantly, the resale market for high-end handbags has become more like a stock market. Investors are always looking to diversify their portfolios, and handbags are the new profitable ‘stock’ on the rise in global markets.
High-end handbags have become so lucrative that according to Art Market Research (AMR), they outperform rare whiskeys, classic cars, and even artworks from famous artists like Banksy. Their report shows that in 2019 alone, high-end handbags sold at auctions valued at almost 33 million dollars.
In the last ten years, some high-end handbags from brands like Hermes and Chanel have seen valuation spikes averaging 83 percent. This is far beyond in-demand first-edition books, which experienced around a 40 percent spike, and even above luxury watches that averaged around 70 percent.
These statistics make it abundantly clear that the resale market for high-end handbags is very lucrative and that these handbags are highly sought-after.
Collectors are typically willing to pay double or triple the retail for some high-end handbags as soon as they hit the resale market because they know it is still profitable in the long run.
However, selling handbags is not that easy without the right valuation, which requires appraisals.
High-End Handbag Appraisal
The resale market for handbags is reserved primarily for high-end handbags, and since these are slightly used items, they need to be appraised by experts and specialists. To determine their true, most current market value, trusted high-end handbag appraisers examine the following things.
They determine which particular designer the high-end handbag is attributed to.
They determine the condition of the high-end handbags, with new or in pristine condition ones fetching the highest values.
They examine the material used to make the handbags — is there exotic skin? Leather? Does it have precious materials, such as expensive stones or metals?
They determine the rarity of the high-end handbags, which can increase their value greatly. Were they part of custom order pieces or part of limited-edition designs?
Once all of these things are determined, they come up with accurate pricing for the resale of high-end handbags. Appraisers are often collectors themselves and may even offer to buy your handbag once you have gotten it appraised.
Some very rare handbags can even fetch prices well beyond their appraised value when they are auctioned by a luxury auction house like Christie’s.
High-end handbags from luxury designer brands are not just beautiful fashion products but also a great investment opportunity. They are very hard to obtain, and since the resale of such handbags is also difficult to come by, they fetch excellent prices in the resale markets, especially if they are rare.
If you have a high-end handbag from a luxury designer brand, you may want to get it appraised by a specialist and possibly sold for a very nice profit. We highly recommend getting your high-end handbag appraised by the specialists at Cashing Diamonds in Boca Raton, Broward, or Miami. We have the most accurate valuations and even offer the best possible price for your high-end handbags. If you want to learn more about high-end handbag appraisals or schedule a private appointment with Cashing Diamonds, visit our website today or call (954)-205-1418.