Handbags outperform whisky, cars and art in luxury sales last year
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Luxury and vintage handbags outperformed art, classic cars and rare whisky in auctions and sales last year, according to a report from Art Market Research.
The research body said that rare Hermès handbags sold for “eye-watering” prices last year, with one bag skyrocketing 300%in value within months.
The famous Birkin handbags increased by 42% on average in 2019, compared with a 23% rise for artworks painted by anonymous artist Banksy.
Sebastian Duthy, chief executive of Art Market Research, said: “Some new bags sourced in store are being sold at auction for up to two and a half times retail price.” In 2019, 3,700 designer handbags sold for £26.4 million at auctions around the world. Thousands more are thought to have been sold online via luxury resellers. This is the fastest-growing collectors’ area and it’s the first time that women are running the category.”
Collectors of the luxury and rare accessories range from younger women looking for their first designer piece to very serious collectors who have accumulated more than 20 years’ experience.
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