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Second-hand online sales: luxury products increasingly attractive throughout crisis period

Second-hand online sales: luxury products increasingly attractive throughout crisis period

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Despite generalized isolation of populations and shrinking world economies, the appeal of luxury has never been this strong. Designer handbags, pairs of designer shoes, gourmet wines: luxury products, a safe haven in times of crisis, are being snapped up on e-commerce platforms or at online auctions.

 

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The American multinational auction house, Sotheby’s, spelled it out: it has just sold a Birkin crocodile bag from the 2008 Hermès collection, for the modest sum of £30,000.

 

And not only are its luxury products selling very well, there are also selling for more than expected. Of the four “high-end” online sales made by Sotheby’s since the beginning of March, 92% of the lots have been sold, and 61% of the lots have exceeded their estimates. In total, sales have raised $6.1 million, exceeding the projected $5.7 million.

 

For example, a 1930s diamond ring, valued at £90,000 ($110,000), was sold for £162,000; a yellow diamond ring, valued at HK$1.6 million ($206,000), was sold for HK$2 million; and a pair of emerald and Graff diamond earrings auctioned for £50,000, higher than the high estimate of £32,000.

 

An outlet at your fingertips

 

For Catharine Becket, a Sotheby’s specialist and sales manager in New York, these purchasing acts are like a purge for consumers: “Customers are locked away at home and they generally lead a rather dull life. (…) They wear their large diamonds inside their homes because it gives them joy. ”

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Featured photo : © @sothebys  / Facebook

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