Complete guide to buying and auctioning luxury bags
Luxury bag auctions attract collectors and enthusiasts from all over the world. This guide takes you through every step of the process, whether you’re buying or selling.
Buy a luxury bag at auction
1. Find an auction
Auction houses publish their catalogs online several weeks in advance. Sotheby’s, Christie’s and Artcurial regularly organize auctions. Visit their websites and sign up for alerts.
Penelope’s organizes fashion auctions twice a month, each time featuring Hermes fashion items.
2. Examine batches
Each lot has a description, photos and Appraisal. Read this information carefully. Attend previews to check condition.
3. Register for the sale
Register before the deadline. Provide proof of identity and bank details. Some houses require a security deposit.
4. Efficient bidding
Set a budget before the sale. You can bid in person, online, by telephone or by purchase order. Follow the price progression and avoid impulsive overbidding.
5. Pay and collect your purchase
If you win a lot, pay the invoice within a few days. Add buyer’s fees, which vary between 20% and 30%. Arrange secure transport to collect your item.
How and where to auction your luxury bags?
Penelope’s
Is the only House dedicated to the arts of Fashion. It benefits from a unique network of buyers and regular sales of Hermes garments.
Sotheby’s
Sotheby’s regularly organizes sales of luxury bags. The house attracts international buyers and sets records.
Christie’s
Christie’s offers prestigious auctions of rare pieces. Our customer service team assists buyers and sellers every step of the way.
Artcurial
This Parisian auction house is a benchmark for luxury auctions. It showcases Hermès craftsmanship and attracts a discerning European clientele.
What kind of luxury bags are sold at auction and what are their prices?
Luxury bags sold at auction include iconic models from prestigious brands. Here are a few notable examples:
Hermès
Birkin: This highly sought-after bag sells for between €5,000 and €330,000, depending on the model and its rarity.
Kelly: Another Hermès icon, its value varies according to materials and condition.
Chanel
Classique Extra Mini: In black quilted lambskin leather with gold-plated “CC” clasp, this model recently sold for €5,500.
32 cm bag in black caviar leather: With silver-tone metal trim, it sold for €750.
Louis Vuitton
Neverfull” MM bag: In ebony checkerboard canvas and leather, this bag retails for €1,070.
Alma BB” bag: In Monogram canvas and natural leather, sold for €1,200
Dior
Lady Dior” bag: In black lambskin with cane stitching, this model sold for €460.
Diorama” bag: In electric blue taurillon, sold for €950.
Gucci
Jackie” bag: In black leather with snap fastener, sold for €300.
Wallet-on-Chain “Interlocking”: In red grained leather, this model has reached €420.
Valentino
- Rockstud” bag: In black lambskin leather with gold metal clip clasp, sold at €650.
Prices vary according to condition, rarity and demand for each model.
What are the main criteria for Appraisal of a luxury bag by an auction house?
Appraising a Hermès wardrobe at auction requires precise analysis. Here are the main criteria used by experts:
1. The rarity of the pieces
- Limited editions and special collections attract a lot of interest.
- The rarer a piece, the more valuable it is.
- Older or historic editions increase the value.
2. Conservation status
- Clothes in excellent condition, with no wear or flaws, get the best Appraisals.
- Well-maintained bags, with leather and stitching intact, sell better.
- Items that have retained their original labels or boxes gain in value.
3. Item provenance
- Pieces accompanied by certificates of authenticity or a precise history reassure buyers.
- An item from the wardrobe of a celebrity or famous personality boosts its value.
4. Type of material used
- Noble materials, such as cashmere, silk or exotic leather (crocodile, alligator), increase the Appraisal.
- The quality of the craftsmanship and the durability of the material have a strong influence on the price.
5. Model popularity
- Timeless classics such as Birkin, Kelly or Constance bags remain highly sought-after.
- Scarves and garments associated with flagship collections are more attractive.
6. Size and versatility
- Small and medium-sized bags, such as the Kelly 25, sell better thanks to their practicality.
- Clothes that can be adapted to a variety of styles increase their appeal.
7. Details and finishes
- Mother-of-pearl buttons, silk lining and “Hermès” engraved buckles add value.
- Unique or personalized motifs reinforce exclusivity.
8. Market trends
- Current demand and trends influence Appraisals.
- Experts follow past sales records to adjust their valuations.
9. Accessories or additional parts
- Items accompanied by dust bags, boxes, padlocks or authenticity cards increase their appeal.
- A lot with several matching pieces attracts more bidders.
10. Color and design
- Classic colors such as black, beige or Hermès red remain as popular as ever.
- Unique or bold designs, such as special prints, attract collectors.
Appraising a Hermès wardrobe requires a detailed and expert appraisal. Auction houses consider rarity, condition and provenance to determine value. Items that are well-preserved, timeless or linked to current trends attract the highest bids.
How do I get an Appraisal for my luxury bag?
Calling in a vintage fashion expert is often recommended for an accurate Appraisal. Experts have in-depth knowledge of fashion trends, brands and history. Here’s how an appraisal usually works:
Photo examination: yes, it’s possible, in order to validate the outlines. This initial photographic examination eliminates most of the proposed garments.
Visual and tactile: There’s no substitute for an expert analysis of the piece in situ, from several angles, checking fabric quality, seams and details.
Identifying labels and brands: Labels can provide crucial information about the period of creation. For example, a brand’s logo can reveal the era of manufacture and the specific lines of each designer.
Current Popularity Assessment: Market trends influence the value of vintage clothing. An expert knows which pieces are currently popular and can therefore better Appraisal the value of a given piece.
10 REASONS TO AUCTION your luxury bag by an auctioneer ?
There are several interesting advantages to selling vintage clothing by auction, especially for rare or valuable pieces. Here’s why auctioning can be an excellent option:
Visibility and access to specialized buyers: Auction houses often attract serious collectors, fashion experts and vintage enthusiasts. This allows you to present your pieces to a discerning public, ready to invest in unique, high-quality items.
Expert appraisal: Before being put up for sale, vintage garments are generally appraised by fashion experts who estimate their market value. This guarantees a price in line with the market, maximizing your chances of making a lucrative sale.
Competitive bidding: The auction format allows for competition between buyers, which can drive up prices, especially for iconic, rare or designer pieces.
Context of trust and transparency: Auction houses often have a good reputation and offer a secure framework for transactions. Buyers know they are acquiring authentic items, and sellers benefit from a supervised process.
Effective promotional approach: Auction houses promote auctions through catalogs, marketing campaigns, and sometimes even events. This maximizes the visibility of your pieces and attracts an international audience.
A market for high-value pieces: For designer items or rare garments, auctions are often more appropriate than traditional sales platforms. Auction buyers are more willing to invest significant amounts for iconic pieces.
Fast sales: Unlike other sales methods, auctions take place on specific dates, so you can sell quickly. Results are immediate, and you don’t have to wait months to find a buyer.
Authentication and documentation: Auction houses often offer authentication services, assuring buyers that vintage items are vintage and authentic, thus increasing trust and perceived value.
Enhancing fashion heritage: An auction enhances the value of vintage clothing as a cultural and historical heritage, and each piece tells a story that can be brought to light in this prestigious setting.
International reach: Online auctions and international sales enable you to reach buyers from all over the world, which can greatly expand your market and attract higher bids.
Auctions are therefore an excellent way to promote vintage clothing and reach a passionate clientele, ready to acquire unique pieces with a story behind them.
What to do with a luxury bag in the event of inheritance?
You may have to sell all the assets in the event of an inheritance. Until recently, clothes were rarely taken into account, but now some wardrobes can be of financial interest.
- It ‘s best to ask an expert to make an Appraisal of the wardrobe, so that the heirs can divide it up fairly.
- Resale by auction then the security of sharing in complete transparency.
WHY ORGANIZE A BAG AUCTION WITH PENELOPE'S?
We can appraise your garments on the basis of a photo, a rendering or a video.
This initial overview will set the tone.
We will arrange a meeting with you at our premises, or come to you.
The inventory of parts is carried out free of charge if we consider that the “file” may end up in an auction.
We determine market values, with one Appraisal known as low and another known as high. You can also decide on a reserve price (price at which we cannot preset the garment).
Together we agree on a sales timetable, the sales strategy to maximize your price, and together we determine our selling costs in the sales mandate.
In this respect, no fee is payable by you if the garments do not find a buyer.
You remain the owner of the garments until the sale is completed.
