Compared to many other investments, luxury handbags surprisingly hold their value for much longer. Some may even appreciate it over time. Depending on the bags in your collection, you might be sitting on a gold mine without realising it.
Let's look at a few ways in which you can monetise your luxury handbag collection.
Determine the Value of Your Bags
The trickiest part is knowing how much your bags are worth. The goal is to get as much as you can, but you probably want to get paid quickly, so you will have to price the bags competitively. Even if you decide to go with a consignment service, you should have an idea of how much you can expect to get for each bag.
The first thing you have to do is look at trends. You should know how much the bag is selling for now. There are many sites that you can check, like eBay and Tradesy, which will allow you to get an idea. Just look at figures for completed auctions on eBay and you should get a rough idea of how much you can realistically get.
You should also expect classic bags to fetch more, such as the Hermes Kelly or Birkin, Louis Vuitton Speedy, or the Chanel classic flap. These handbags never go on sale and are part of their permanent collection. These are called ‘investment bags’ because their price has constantly gone up over the years. These bags are such great investments that you could get more for the bag used than new.
If you have a few seasonal pieces, you should make sure that they’re in demand or trending, or else you might be disappointed by what the market has to say. You also should look at special features like rarity and colour. Some colours might be rarer than others or some might be more in demand. Also, make sure to count any accessories that come with the bag, like straps, pouches, or rain covers.
Look at Consignment Stores
If you want someone to take the work off your hands and handle the whole process, it would be a good idea to go with a consignment store. A consignment platform like Consigned Sealed Delivered will allow you to sell items from top luxury brands without having to lift a finger. They’re one of the best luxury consignment stores in the UK and they sell affordable luxury brands as well as some of the top luxury brands in the business. They will authenticate and sell items for you and will even pick up the items from your door if you live in Central London. This is barring none the simplest way to sell items from luxury brands and get good offers. The best part about CSD is that you can get cash upfront for select items. This is great if you need money fast or don't want to deal with the hassle of selling it yourself.
Sell Through Auction Sites
Auction sites are not only great for research but selling as well. A lot of people visit eBay to find luxury items, and it can be a great place to sell yours. But we must warn you, it's not easy. Firstly, you need to have completed a good number of transactions on eBay before you can even touch your money. You also should build a reputation because no one is going to buy a £1200 Birkin bag from someone with no selling history. This means that you might have to spend a lot of time selling cheaper stuff to build a reputation. That's not something everybody is ready to deal with. The good part about working with eBay and other auction sites is that you'll end up with more money in your pocket. It's a long and strenuous process, however, and nothing is guaranteed.
Tips for Getting the Most for Your Bag
You also must do your part if you want to get the most for your bag. The more you can include with it, the more you'll get paid. So, try to gather as much from the original packaging as you can. Another very important thing you’ll need to do is take as many pictures of the bag from as many angles as possible. Descriptions need to be extremely detailed too.
If you want to start making money from your handbag collection, follow our advice. You'll be able to get the most out of it and get paid as soon as possible.