bag Nearly a decade ago, the luxury industry was hit as markets collapsed. To preserve personal wealth, consumers were finding savvy ways to change their luxury buying and investment approach, without altering their lifestyle. As a result, Christie’s New York received a greater demand from clients for an unsuspecting investment piece – rather than vintage cars, jewelry, paintings, or fine wine, many wanted to add handbags to their portfolios. Christie’s Holiday Handbag Auction recently concluded and proved just how lucrative the handbag investment segment is with a Limited Edition Hermès Birkin hammered at $40,000, double its retail price. The auction was incredibly successful with fierce competitive bidding. Last year, Christie’s broke an auction record, selling a beautiful Hermès Birkin with diamond hardware for approximately $320,000. Caitlin Donovan, Christie’s Associate Vice President and Specialist for Handbags & Accessories, and her team launched Christie’s handbag auction division over two years ago. Donovan states, “During the recession we saw men and women wanting to buy investment pieces that hold their value, pieces that have strong resale value on the secondary market, or better yet, appreciate in value.” “We have seen a great deal of cross category collecting at Christie's from clients that collect art, jewelry, and fine wine,” she adds. “More impressively, handbags have become the only female-centric category in the auction world.” This segment attracts a younger demographic from all over the globe, particularly in Asia, the Middle East, and North and South America. “People come to us to get the one of a kind and collectible pieces they can’t find on the primary market,” said Donovan.
Danley Portfolio - Winter 2017
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