"That's a lot of money, but far from the most expensive handbag ever sold. In July, Hermès' original Birkin bag - worn by Jane Birkin, herself - sold for $10.1 million, becoming the most valuable handbag ever sold at auction. The iconic purse went to a private collector in Japan, who phoned in and won a 10-minute bidding war. While items selling for millions, or even six figures, may be rare, the luxury resale market is booming."
"The secondhand fashion and luxury market is expected to reach $317 billion by 2027, according to a McKinsey report published last month, and it's growing three times as fast as the firsthand market. Secondhand luxury retailers like The RealReal and Fashionphile have recorded double-digit revenue growth this year. Most luxury resale shoppers are turning to the market to find more affordable options, particularly as handbags from some of the biggest names have experienced significant price hikes over the past few years."
A rare 2014 runway silver and black lambskin leather Chanel shopping basket bag sold for $152,400 at Christie's, over ten times its $15,000 estimate. The sale set a Chanel record but remained far below the $10.1 million paid for Hermès' original Birkin bag in July. The secondhand fashion and luxury market is expected to reach $317 billion by 2027 and is growing three times as fast as the firsthand market. Resale retailers like The RealReal and Fashionphile recorded double-digit revenue growth this year. Many buyers turn to resale seeking more affordable options as luxury handbag prices have risen significantly.
Read at Business Insider
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