Like many collectibles these days, the pre-loved market for luxury handbags is growing faster than primary retail sales. With online and auction sites now touting preowned and vintage luxury handbags, collectors are seeking out secondhand bags for their value and sustainability–both for personal enjoyment and as an investment.
According to Bonhams, “Until about 10 years ago nobody really thought about collecting handbags seriously. But what you see nowadays is that if you look after your handbag collection, it can appreciate in value far quicker than more traditional categories.” In fact, Hermès Birkin bags have increased in value by 500% in the last 35 years – that’s 14% per year.1
Three of the most collectible bags include the Hermès Birkin, Hermès Kelly, and Chanel Classic Flap bag2.
Like any investment, a luxury handbag is only as good as the condition it’s in. That’s why it’s so important to store your bag the right way. To keep it in top condition, store your handbag:
Like any organic material, leather needs time to rest, breathe, and recover from daily use. After every use, consider emptying your handbag and removing any loose dirt and dust from the leather and hardware with a dry lint-free microfiber cloth. If your handbag is made of suede, use a suede brush to remove dirt and restore the natural texture after each use.
Also consider these tips to protect your handbag from wear and tear:
As with any other valuable you take with you, make sure to keep your bag on your person or within sight and reach at all times, never leaving it unattended or in a vehicle where it could be stolen or damaged.
To protect your collection at home, consider installing a central home alarm system that includes a monitored motion sensor in the room where your handbags are stored. Be sure to arm any accessible doors or window openings, even if they are above the ground level.
And, as always, talk to your insurance agent or broker about a Valuable Articles policy that can help protect your luxury handbag collection so they can last a lifetime and beyond.
If you need assistance with putting an accurate assessment on your luxury bag collections or would like to find out more on how you can protect your valuable possessions, leave your contact details via the ‘Contact Me’ button below and our representatives will get in touch with you.
Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk. Published 08/2022.
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