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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.
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.”
Jeffrey Berk, co-founder of Prive Porter, an online luxury retailer, feels the same way: if sales of handbags have never been so high, it’s because wealthy collectors see the purchase of this accessory as a way to “use their money while indulging in a hobby“.
Luxury products as “stimulants” therefore, a consoling and entertaining alternative in these gloomy times. At the luxury resale site Vestiaire Collective, based in Paris, sales have thus continued to increase since the beginning of the lockdown period. Off White x Nike shoes sold for £3,500 and Chanel x Pharrel sneakers sold for over £64,000.
An investment in quality
In the current circumstances, valuables are a safe haven.
The purchase of luxury goods is perceived by the buyer as a long-term investment and therefore as a real added value: “What we find is that anything of good quality works well,” says Catharine Becket of Sotheby’s. “And I guess knowing that you have a million-dollar piece of jewelry waiting for you is an accomplishment when things get back to normal.”
High art and fine jewellery also embodies a form of resilience in the toughest of times. Like Cartier’s iconic Tutti Frutti bracelet, which sold for more than $1.3 million in a private online auction from April 24 to 28, the highest price for a piece of jewellery sold online, shattering the high estimate of $800,000.
“The texture, form and color of Cartier Tutti Frutti jewels are coveted today as icons of the Art Deco era.” the auction house justified. “The artful arrangement of carved colored stones and diamonds, together with the precise application of black enamel, uniquely illustrate the marriage between Eastern and Western influences on Art Deco jewelry design“.
While the world is in decline, art remains and becomes a true added value. Indeed, Sotheby’s recently broke another record after raising over £5 million in an exceptional auction of contemporary art.
Exceptional wines and spirits are not to be outdone
This is also the case for fine wines and exceptional spirits, whose e-sales have been booming for several weeks. In an online auction of rare alcohols between 24 March and 7 April, Christie’s auction house raised £890,000.
Chris Munro, Christie’s America’s head of wine, told business publication Quartz that sales were “very good” and more than 20 percent higher than the average online sale.
In today’s uncertain world, consumers are eager to purchase high-value products that meet high standards of rarity and aesthetics because they want more than ever to have access to exceptional quality and creativity, and above all to durable products that will withstand the test of time and its challenges.
Read also > E-commerce: Alibaba unveils its new luxury outlet on Tmall to curb the Covid-19 crisis
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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.
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. ”[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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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.
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.”[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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