‘Buying a Chanel bag is like a profitable investment’

Famous auction houses are attracting young people to buy rare fashion items by hiring influencers.
The world’s largest auction houses now tend to sell vintage fashion products as more and more people collect them for investment.

According to the SCMP , the Covid-19 pandemic makes fashion auctions on the Internet more popular. Last year, the number of Chinese customers bidding online for luxury fashion tripled. Katie McNaughton, a vintage store owner in London, UK, says the craving for vintage items has grown so much that people are investing in clothes, bags and shoes. They hope they will turn out to be attractive investments. These people hired McNaughton to take her advice. The bags “profitable” “The classic Chanel bag is like a savings account. It increased in value 12 percent last year and can continue to grow,” McNaughton said. Last year, Hermès handbags, Nike sneakers, Chanel shoes and Patek Philippe watches were the key items that determined sales at hit auction houses such as Sotheby’s, Christie’s and Phillips. The major auction houses are focusing on selling historic items. Photo: SCMP. In December 2020, Christie’s Hong Kong caused a stir when it set an auction record for a handbag. It was the Hermès Himalaya Kelly model that sold for $437,330 to a young Chinese customer. This is like a new development in the fashion industry. As a result, handbags remain the most popular fashion item to buy and sell at auctions. It’s the accessory McNaughton now specializes in. She advises customers around the world to carefully select the items being auctioned for future profits. “If you want a safe and secure investment, you should choose classic bags from big brands like Chanel or Hermès. Because they create styles that are mainly seasonal. Bottega Veneta likes to create pieces. Unique items are also an option you should consider. Similarly, the Dior saddlebags many bought in the 1990s have suddenly become popular again at auction. My prediction for next year is the Fendi baguette,” McNaughton said. Hire storytellers to engage young people The demand for vintage bags is increasing due to the issue of sustainability being promoted in the fashion industry. In fact, designers also regularly revisit their archives to create new collections. This makes the new collections still breathe from the old design. Since then, the old item is remembered and becomes more valuable. Street-inspired items are also put on the auction floor to attract young people. Photo: AFP. Besides, in a pandemic year without much social contact, customers are also looking for personal items and products with meaningful historical elements. Therefore, the shortest way that can be met is to buy an item at an auction. To make the items more valuable and attract young people, brands rely on the help of social media influencers from China. Christie’s has announced the upcoming online handbag sale for Hermès and Chanel through an influencer. Similarly, Sotheby’s tells their jewelry stories with the help of Mr Bags (Tao Liang) – one of the top handbag and jewelry influencers in the world. Mr Bags is a big influence in the fashion industry in the country of billions of people. Photo: Tao Liang. Liang has more than 7 million followers on social media platforms. Recently, he posted a video about himself preparing to participate in the auction. In the end, he won a light gray Hermès Birkin bag for over $10,000. From there, people who watch Liang’s videos tend to follow suit. Aside from handbags, watches and jewelry, the most popular items in the auction are usually streetwear pieces. Auction houses are trending to help young Chinese collectors invest in sneakers, skateboards, sweatshirts and caps. “Many bidders have a love for art. They want to buy shoes and bags the same way they buy paintings or sculptures. They carefully consider both aesthetic value and resale value. in the future. Fendi Baguettes and Nike sneakers are the two items that could explode next.” SCMP identify. The rapper spends a villa room for 200 pairs of shoes Rapper J Balvin is a man with a passion for shoes. In his Japanese-style mansion, he reserved a room to store 200 pairs of shoes.