Young people flock to online auctions for luxury fashion



Buying a luxury bag is like a profitable investment - Young people flock to online auctions for luxury fashion in hopes of making a fortune.

Last year, Hermès handbags, Nike sneakers, Chanel heels or Patek Philippe watches became the focus of auctions.  Auctioneers such as Sotheby's, Christie's and Phillips are using fashion as a way to attract new and younger generations of customers.

 In December 2020, Christie's Hong Kong caused a sensation when it set an unprecedented record: A Hermès Himalaya Kelly bag was sold for $437,330 to a young Chinese guest.

Young people flock to online auctions for luxury fashion

Buying a luxury bag is like a profitable investment / ph: Christie's

 This is like a new step in the fashion industry.  The Covid-19 pandemic has made auctions like these more popular than ever.

 “Today’s customers both want a convenient online shopping experience and want to get their items as quickly as possible” said Josh Pullan, managing director of Sotheby’s global luxury division.

Handbag remains the most popular fashion item seen at auctions.

Second-hand bags have become a craze partly because customers are more interested in sustainability in fashion.  In addition, designers also regularly revisit old trends to create new collections.  Thanks to that, the ancient items still maintain their attractiveness.

 In particular, the Covid-19 epidemic forced people to limit their social interactions.  Therefore, customers are even more interested in items with personal imprint, meaning and historical origin.

 Buying items from auctions fulfilled their need.

 China is one of the largest luxury goods markets in the world.  To attract customers through engaging stories, the auctioneers have turned to the help of the KOL team.

 Christie's has used this method for the upcoming online auction of Hermès and Chanel handbags.  Sotheby's also asked KOL to tell interesting stories about her high-end jewelry.

Besides bags, watches and jewelry, the most common things at auctions are streetwear.  This is not surprising.  Because, customers are too familiar with the unexpected discounts from fashion brands.  If they miss that sale, they are willing to pay 2.3 times more to get the item they want.

 It is from this trend that auction houses are encouraging young collectors in China to focus their investments in sneakers, skateboards, sweatshirts and caps from major discounts throughout a  past decade.

 Among these young clients, many also love art.  They are buying shoes and bags in the same way as they buy paintings or sculptures.  They are very careful, both considering the aesthetics, and paying attention to the investment value of the item.  Fendi's bread bags and Nike sneakers are likely to be the trends in the future.

Young people flock to online auctions for luxury fashion

Your comment
*
*
*
*
 Captcha

Hermès' sales remained strong despite the pandemic

Fashion empire Hermès's sales continued to surge despite the pandemic, as wealthy customers around the world chased Birkin bags - symbols of wealth and exclusivity.

Fashion empire Hermès's sales continued to surge despite the pandemic, as wealthy customers around the world chased Birkin bags - symbols of wealth and exclusivity.

Read more

How wealthy are members of the H&M founding family?

Stefan Persson, son of H&M founder Erling Persson is currently Sweden's richest man with a fortune of $20.6 billion.

Stefan Persson, son of H&M founder Erling Persson is currently Sweden's richest man with a fortune of $20.6 billion.

Read more

What if Western companies leave the Chinese market?

Nike, H&M and a series of Western brands dilemma in China. Retailers are "stuck" between nationalist Chinese consumers and those who oppose unethical behavior at home.

Nike, H&M and a series of Western brands dilemma in China. Retailers are "stuck" between nationalist Chinese consumers and those who oppose unethical behavior at home.

Read more

2nd hand fever affects Chinese youth

As 2nd hand items hunting becomes a trend among Chinese youth, jobs related to this profession also gradually become more attractive.

As 2nd hand items hunting becomes a trend among Chinese youth, jobs related to this profession also gradually become more attractive.

Read more

The new machine generated billions of dollars for the super-rich

A pair of Christian Louboutin high heels, Dr. Martens' brand boots and Birkenstock's cross-strapped paddle sandal are three completely different types of footwear.  However, they have one thing in common that the owners of these brands are making billions of dollars.

A pair of Christian Louboutin high heels, Dr. Martens' brand boots and Birkenstock's cross-strapped paddle sandal are three completely different types of footwear.  However, they have one thing in common that the owners of these brands are making billions of dollars.

Read more

Hermès will make Birkin Bag from mushrooms

Hermès will be a pioneer in using mushroom as a substitute for animal skins.

Hermès will be a pioneer in using mushroom as a substitute for animal skins.

Read more

The fake Louis Vuitton bag has an anti-counterfeiting NFC chip, although the real bag doesn't have any!

The fake Louis Vuitton bag has an anti-counterfeiting NFC chip, although the real bag doesn't have any. This trick has made many buyers "confused" and firmly believe that this is a genuine Louis Vuitton product.

The fake Louis Vuitton bag has an anti-counterfeiting NFC chip, although the real bag doesn't have any. This trick has made many buyers "confused" and firmly believe that this is a genuine Louis Vuitton product.

Read more

Why is Christian Dior bag so expensive?

To create a complete Christian Dior bag, the craftsman has to go through many elaborate processes using high quality materials.  Therefore, the Christian Dior bag is always priced so high.

To create a complete Christian Dior bag, the craftsman has to go through many elaborate processes using high quality materials.  Therefore, the Christian Dior bag is always priced so high.

Read more

9 Top Designer Handbags with Best high value

Buying designer handbags is a profitable investment if you own Hermès Evelyne or Birkin.

Buying designer handbags is a profitable investment if you own Hermès Evelyne or Birkin.

Read more

Copyright © Vuhes. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Vuhes.