Beyond the passion purchase

Meg Randell, Head of Bonhams UK & Europe Designer Handbags and Fashion, discusses the rise of collectible fashion, the recent Y2K revival, and her tips for buying on the secondary market.

Pre-loved fashion is booming. The global market value for second-hand and resale apparel stood at an estimated $200bn in 2023, according to a recent Economist article. By 2028, its value is projected to hit $350bn. Much of this is driven by consumers, as issues of sustainability and waste are playing an ever-increasing role in buying decisions. But fashion houses have responded, too. A number of major brands now offer in-house services for rental, resale, or repair, while others continue to explore partnerships with the new wave of online resale platforms, such as Vestiaire Collective and The RealReal.

Auction houses have long provided a space for resale, and they are well-placed to capitalise on the vogue for pre-loved luxury. Bonhams, one of the world’s largest and most renowned auctioneers, launched its designer handbags and fashion department in January 2020, located in its Knightsbridge salesroom. For this year’s Luxury Assets Report, we spoke to Meg Randell, Head of Bonhams UK & Europe Designer Handbags and Fashion, for her views on the growing appetite for luxury fashion, and the broader trends within the market.

Q: How has fashion’s role in the collectibles market grown or evolved in recent decades?

MR: Over the past ten years, fashion – and handbags in particular – has grown immensely as a category. Before the current interest in designer fashion, auction houses would offer ‘vintage’ fashion auctions, with period and historically interesting pieces. Today, the interest and value is for specific brands such as Hermès and Chanel, with current-collection pieces being highly sought after. Most auction houses now offer specialised sales; at Bonhams, the handbags and fashion department is our fastest growing both in terms of lots offered and overall prices achieved.

Q: How are collectors changing their approach when it comes to fashion?

MR: Fashion is a particularly interesting category, as it often blends academic collecting and buying for investment purposes with pure passion buying. Many of our clients purchase designs they love, but still with the mindset that many of those same bags will be good to sell on or fill gaps in their collection. This approach to buying is different from ten years ago when most buyers were either vintage collectors or just buying items they loved. Nowadays, most clients will have an eye on items that will achieve a good return. Although we have an array of buyers at our auctions, we’re also increasingly seeing younger buyers at our sales. Buying pre-loved at auction growing in popularity with Gen Z.

Q: What’s currently popular among fashion collectors, and have there been notable shifts from last year?

MR: Popular items at auction tend to follow current runway trends. Mini crossbody bags have been performing well, and you can see this reflected on influencers across social media. Classic designs such as the Hermès Kelly, Birkin and Constance, and Chanel Classic Flap and Boy bags continue to sell well. Chanel is particularly popular at Bonhams, especially vintage 90s/00s bags, jackets, and costume jewellery. In terms of shifts, sneakers were gaining in popularity in 2023, but this market has now shrunk considerably and few auction houses offer specific sneaker auctions.

Q: What’s currently popular among fashion collectors, and have there been notable shifts from last year?

Hermès: A Nata Epsom Leather Mini Kelly II 20 2022, sold for £35,580

Jane Birkin's Black Togo Birkin 35, Sold for £119,000 inc. premium

Gabrielle Chanel Haute Couture: A Cream and Gold Silk Jacket Autumn Winter 1966, sold for £5,440

Karl Lagerfeld for Chanel: A Black Patent Leather Heart Vanity Bag Spring 1995, sold for £17,920

Victoire de Castellane for Chanel: A Rare Quartz Crystal and Gripoix Cross Necklace Autumn 1993, sold for £9,562.50

“Currently the Y2K is seeing a revival. Designs such as Fendi Baguettes, Dior Saddle Bags and Louis Vuitton Pochettes are performing well, so now is an ideal time to consider selling.”

Q: Which pieces have seen increased (or decreased) over the last year, and in the long term?

MR: As more and more people collect handbags, the market is becoming very specific. Bonhams customers are increasingly looking for rare Hermès pieces that are in excellent condition, with bags created in the last couple of years fetching a premium at auction against more vintage models. There are many amazing brands out there, some of which may well become the collectibles of the future. But for the moment the big brands remain the most popular.

Q: Has Bonhams seen any particularly notable recent fashion sales or consignments?

MR: Bonhams held a dedicated Chanel auction in 2023, which was incredibly successful and gained huge traction with our buyers. The sale was curated from several Chanel collectors and really shone a spotlight on the brand and its enduring popularity. Notable lots included an haute couture jacket made during Gabrielle Chanel’s lifetime, costume jewellery by Robert Goossens for Chanel, a rock crystal crucifix seen on the runway in 1993 worn by Naomi Campbell, and iconic bags such as the heart vanity bag designed by Karl Lagerfeld for Chanel in 1995 and made popular with a new audience in the recent Barbie movie.

Q: What considerations should collectors make when purchasing and selling fashion?

MR: Authenticity and condition are key when buying and selling on the secondary market. It’s important to buy from reputable sources; at Bonhams we authenticate all items heading to auction. When buying you should feel comfortable asking as many questions as you need to and if anything feels ‘too good to be true’ then trust your gut instinct and be prepared to walk away. When selling fashion, it’s a good idea to keep an eye on current market trends and sell while items are popular. Condition is important – bags in perfect condition sell for a premium compared to those with damage. That said, both Chanel and Hermès offer a great restoration service and some cosmetic damages can be fully restored, so do your research ahead of purchasing.

Ready to wear Protection tips to preserve your favourite pieces

Storage After wearing your vintage clothes, hang them in fresh air, inside out, to keep them odour-free. Do not use metal hangers to prevent rust or discolouration, use wood hangers if you can. In the case of handbags, don’t store them by the handle: it may distort the leather. Instead, keep them flat to maintain their shape. Store them in a dry, cool area, using acid-free paper and a dust bag or covering. Delicate garments and handbags should also be kept away from direct sunlight to prevent decolourisation.

Inventories Keep an accurate inventory of your more valuable items. In the event of a claim, this can mitigate any discrepancies over descriptions and values. Regularly review the market value of your collection to ensure it is adequately insured, as some brand items can fluctuate significantly over a relatively short period. You do not want to be left underinsured when a claim occurs.

Keeping original invoices and taking pictures can also assist insurers’ evaluation of a claim and help with potential recovery.

Existing policy Check that your entire collection is adequately covered under your existing policy. Certain insurers have low single-item limits, and you may own high-value items that exceed these limits. Similarly, check that items in your collection are insured away from your home, preferably on a worldwide basis. This will be particularly important in respect of a handbag collection.

Contact

Chyna Kenward

Vice President, Lockton Private Clients