You don’t need to be a billionaire to buy handbags at auction

livemint.com:

They may be known for selling millions of dollars worth of Picassos and Warhols, but prestige auction houses are also some of the last places you can reliably buy a luxury bag in impeccable condition for four figures instead of five. Auction houses like Christie’s and Sotheby’s have grown their handbag businesses in the past decade, as demand for name brands like the Hermès Birkin and Chanel’s flap bag has increased. Thanks to social media, young people are more interested in and knowledgeable about the accessories market than ever before, especially the ins and outs of collecting.

Some even tout the Birkin as a better investment than gold. At the same time, prices on the primary market are skyrocketing for many brands, and so-called “super-fakes" are plaguing resale sites, making consumers nervous, even if they have the budget to spend. In this environment, auction houses—known for their trade in blue-chip artwork and antiquities—are not just places to find investments.

They’re also trusted places to find (relatively) good deals. “There are bags that are for a very serious collector, but we also have many pieces that are starting at $100," said Rachel Koffsky, international head of handbags and accessories at Christie’s. Koffsky puts together the handbag auctions for the house, appraising bags from clients and judging the bag’s condition on a scale of 1 to 6 with her team.

(Fingernail-sized scratches on the leather, or signs of wear on the interior of the bag that can be seen with a black light will both knock down an otherwise pristine bag to a 1.5). Currently, her team is preparing for an auction starting on Sept. 4.