The pandemic has almost halved the price of luxury accessories on the secondary market. This was written about by analysts of the consulting agency Knight Frank.
At the end of 2019 branded bags from limited collections were the most investment attractive product. Prices for the last 10 years have almost doubled on them. But after the pandemic, the price fell sharply to 50%. At auctions, for example, Hermès bags are billed for half of last year’s price.
The world’s most expensive Hermès Himalaya Birkin bag was usually sold at auctions for 200 thousand dollars. But at the auction on June 1, it could not be sold even for 85 thousand dollars.
Sebastian Dooti, director of Art Market Research, believes that the reason was that buyers were unable to see the goods alive because of the pandemic.
The auction business now even has a new price, “COVID”, and the secondary market of luxury has become more flexible in terms of pricing.
But the crisis has not touched the entire luxury market. Collection cars went up by 3.3. Demand for diamonds has returned again, despite the fact that the diamond market is oversupplied.