The luxury resale market has grown by leaps and bounds since 2016 and is expected to continue its strong growth through 2025, reaching a total value of $47 billion.
Luxury items are more expensive because they are handmade, original and rarely found in stores. Made of higher quality components, these items have good resale value because they remain virtually untouched over the years. Luxury items are more than just standard clothing or accessories. They last longer and offer a great return on investment.
In this article, we will outline three important criteria to consider when determining the resale value of your luxury item.
Rarity
The rarity of the item should be one of the first things considered. This is the most important factor in determining the value of a type of product, depending on whether it was part of a limited edition or collaboration of some sort. These limited edition items often retain their value and may even increase in value over time due to the fact that they are no longer found in stores.
Condition
Secondly, the overall condition of the product is an important factor to consider when reselling it. Is the leather still intact? Are the seams flawless? These are the things to look for when determining its price. Of course, the more intact an item is and the better it has been cared for, the higher its value.
In addition, it is necessary to have the certificate of authentication to guarantee the authenticity of the product. It is also important to have the original label and invoice, as well as the cover and the maintenance booklet. All these elements simplify the sale.
Brand
The third factor to consider is the brand of the product. The visibility of monograms and logos on the bag are factors that influence value. Some brands are also simply more recognized than others. Prestigious brands like Chanel and Hermes are worth more, then Gucci, Louis Vuitton and Dior follow closely behind with some of their most coveted styles.
At Canada Luxury, we specialize primarily in the sale of vintage luxury bags. The most sought after handbags are those that feature classic and timeless styles.
To store our luxury second hand items, click here!
