This Hermes Birkin will cross the block at Selkirk St. Louis in late 2021. Photo courtesy Selkirk Auctioneers & Appraisers.
CURATING A COLLECTION:
INVESTMENTS AT HAND Written by Amelia Jeffers
In late 2020, while stock market pundits and hedge fund gurus focused on meme stocks, a savvy segment of investors eyed an opportunity in the relatively obscure but emerging market in luxury handbags at Christie's Hong Kong. Just shy of 200 handbags and accessories crossed the block in a few short hours, with the small but mighty offering smashing presale estimates to gross nearly $6,000,000. Hermès led the day, with a circa 2019 Himalayan Kelly bag raking in almost $500,000 and its sister, a circa 2019 Himalayan Birkin selling for $388,738—many times more than their original retail prices, begging the question: have handbags really moved beyond accessory status and into an asset class? If you look at the data, it seems they have. According to a report released by real estate research firm Knight Frank, the price of Hermès bags rose by 17% last year, outperforming art, wine, and collectible cars, all niche collecting categories that have become widely accepted as investments. With mega60 slmag.net
celebrities stamping their seal of approval via social media and shrewd designers limiting production, the interest in top brands and styles has outpaced supply, driving up resale prices on the secondary market. Combined with the pent-up demand created by a buying audience stuck at home during a global pandemic, these circumstances have created a perfect storm on which international auction firms have capitalized. Connie Leal Ballenger has owned and operated Leal, one of the midwest's most exclusive women's clothing boutiques, for nearly three decades. Last summer, as COVID closures impacted retail businesses worldwide, Ballenger sought to boost sales by adding a curated selection of vintage Chanel handbags and accessories to the lineup. Her clients have responded with enthusiasm by snatching up inventory before it even hits the store, utilizing her private consultation services to shop by phone and email. Ballenger attributes the interest in vintage
