Appetites for designer handbags hold on as most expensive arm candy sold this year
If you thought you splurged on accessories, think again, as a few months ago a rare Barbie-pink crocodile skin, Hermes Birkin, with diamond-encrusted hardware set a record in Hong Kong as the most expensive handbag ever sold at auction reaching a whopping €200,000.
Whether you call it a designer bag, investment bag or simply an IT bag, there’s no denying it’s back, alive and kicking.
The bag of the season was the Chloe Drew saddle bag, one of Brown Thomas’ best-sellers, with a waiting list across the globe.
Others included Givenchy’s Antigona, a celebrity favourite, and Valentino’s Rockstud which comes in a variety of skins and colours, another most wanted bag.
“They are all really modern shapes with special details but not overly embellished at the same time.
"I think the appeal is that they are iconic standout pieces that are really wearable and will elevate any outfit,” explains Brown Thomas Fashion Director, Shelly Corkery.
The iconic classic handbag has never been off the arms of the most stylish, from Audrey Hepburn toting her Louis Vuitton Speedy or Grace Kelly and her namesake Hermes bag.
No matter the decade we’ve alway lusted after arm candy, elevated to iconic status by their famous owners.
It reached its peak in the 1990s and early 2000s which saw us covet a crop of eye-wateringly expensive bags known only by name - the Paddington, the Jackie and the Roxanne.
They came in every guise, mainly big and flashy, and not very discreet.
WAGs carried them as trophies, and some were so large in their dimensions they dwarfed skinny celebrities, such as the Olsen twins and Paris Hilton, who had them glued to their crux of their arm.
Fashion houses churned out endless “IT” bags, heralding them as must-haves before they even landed on the shop floor.
The highly coveted Fendi Baguette was so famous back then it even had a cameo in a Sex and the City episode, where Carrie was mugged for her purple sequinned version.
The colorful #FendIDEA #Baguette bags spotted in the latest @documentjournal issue pic.twitter.com/RNnezfqO4X
— Fendi (@Fendi) December 19, 2015
The last few years has proved that our appetite for a designer handbag has never waned but what is clear is there is a new fashion luxury landscape, the IT bag in it’s early-noughties form, heavily branded and supported by massive advertising campaigns is a thing of the past.
With women getting sartorial inspiration for their latest luxury buys from street style, blogs, celebrities and Instagram, there is more selection than ever making the handbag market more of about “I” than “IT”.
Rosie McMeel, editor of Image Magazine says: “There is a misconception that IT bags went away and are suddenly back.
"However, the kind of bags that now fall into the category has changed considerably.
"IT bags used to refer to status symbols, they were show pieces that marked their owners out as style-savvy people and proof that you were willing to invest an outrageous amount in the name of fashion.
"The louder the bag, the better.
“Now, IT bags are less shouty and less about trends, and all about beautifully-made accessories.”
People definitely aren’t shying away from designer handbags, the difference now is there is a desire for them to be less flashy or hyped.
The bag fatigue we suffered in the early 2000s is been soothed by a new pared-back elegance.
Kirstie McDermott, editor of Stellar Magazine puts it, “There’s a real appetite out there among bag fans for the new niche, so brands like Mansur Gavriel and Jermone Dreyfuss are the makers of the IT bag that fashion girls want to buy now.”
With so many colors, you might need more than one: the @mansurgavriel saddle bag, shop now with link in profile. pic.twitter.com/vd5dSIrGgV
— Bergdorf Goodman (@Bergdorfs) December 23, 2015
This low-key, logo free appeal is moulding the luxury industry.
“They’re setting shape and style agendas that other designers and high street stores are channelling,” McDermott says.
“It’s more chic, limited and understated carryalls that are wooing women.
"Most important, these bags don’t specialise in visual gimmicks, giving them a shelf life that lasts longer than a couple of trend cycles.”
Yves Saint Laurent, a sister brand of Gucci, saw its sales soar 27 per cent last year and at Miu Miu, a luxury house owed by Prada, sales have risen 4 per cent, that’s likely because these and other smaller luxury brands have preserved their exclusivity.
Currently, there is a trend in high-end fashion purchases where personal taste and individuality - not conformity - are the ultimate badges of cool.
Your bag says everything about you who you want to be.
The “Miu Miu Club bag”, luxury and fine workmanship with a willfully playful and disorienting twist. #MiuMiuClub pic.twitter.com/5C3ekTpLRU
— Miu Miu (@MIUMIUofficial) December 23, 2015
“A handbag is such a personal purchase for a woman. She carries her life around in it and it should pull together any look.
"For an investment bag of course timelessness and durability are key,” says Corkery.
It seems the days of frivolously snapping up a IT handbag just to leave it sitting on the shelf are long gone.
Today’s shoppers will invest in designer handbags, but they want them to be enduring in an era when Instagram, style blogs and live streamed runway shows make trends go in and out of fashion faster than ever.
“They don’t just want an expensive bag, they want a bag that represents heritage, craftsmanship and longevity,” says McMeel.
ith a refreshing shift towards lower-entry level price point bags, luxury and beautiful design can still be yours at fraction of the cost.
What started as a fashion trend away from big, bulky bags to smaller, slimmer versions it has actually created valuable bait for designers to reel in new customers.
Price tags, instead of shooting off into sum of a small car, come frequently in and around a thousand euro.
Mulberry, who was responsible for the hugely popular Alexa and Del Rey bags, has been adding more handbags priced below €1,000 to their collection, voted by Vogue readers as the IT bag of 2015.
What do we recommend as the ultimate gift? An iconic Bayswater of course… https://t.co/jrlhJuivva pic.twitter.com/RTAO0fmCK6
— Mulberry (@MulberryEngland) December 18, 2015
Fendi’s Micro Peekaboo bag comes in under €1,500 and the covetable Chloe Drew starts at €990 for the smallest version.
And when you decided to spend your hard-earned money on a handbag, can you actually recoup your losses?
With strong pricing power, fuelled in part by strategies that keep their best-selling items exclusive and in short supply, investing in a well-established, high-end brand like Chanel, Louis Vuitton and Hermes, is always a home run.
Take the iconic Hermes Birkin - every bag is crafted by hand, in a slow, careful process that can take several years.
Victoria Beckham reputedly has one in every colour, while Jennifer Lopez, Rita Ora, Lady Gaga and Kim Kardashian are also fans.
That craftsmanship and intricate design have made the Hermes Birkin so desirable, never mind the fact they increase in value immediately.
“Hermes bags appreciate the moment you buy them; and these exclusive handbags actually increase in value over time,” Matt Rubinger, director of luxury accessories at Christies told The Wall Street Journal.
Couple that with a rare version in an statement colour or skin and you’re on to a winner, six of the seven most expensive handbags ever sold at auction were Birkins, it’s no wonder the Barbie-pink number reached so much in the recent auction.
“If you walked into Hermes today you couldn’t get these bags - not even if you were Oprah Winfrey,” adds Rubinger.
Over the past decade, the value of the most sought-after handbags has risen on average 8 per cent a year - matching the annualised returns of the FTSE all-share index.
In particular, Chanel increases its prices from 8-12% per annum - in fashion maths terms a Chanel 2.55 that you buy today could potentially increase in value by more than 30% in three to four years.
Something a financial planner might not have told you before - your handbag could make you some serious cash.
There is a flood of easy-to-use streamlined online re-sale sites, including Vestiaire Collective and Covetique and consignment stores like Siopella in Dublin’s Temple Bar, that optimise your chances of turning your accessories into profit.
Ella De Guzman, owner of Siopella explains, “Certain designers will always go up in price so if you take care of your designer pieces you may be able to get back 100% of the money you spent or more.”
Dakota wearing Joseph Anais Coat, Chanel Camera Bag with Tassel and Timberland Brookton 6-Inch Classic Boots 😁 #DJ pic.twitter.com/hwtPrBKUQv
— . (@LifeDJohnson) December 22, 2015
Louis Vuitton, Hermes and Chanel all have regular price increases, according to De Guzman, especially on their classics.
“A Chanel Flap was approximately €1,600 in the mid-2000s and now they are over €4,500, Siopella pays 70% of the resale of a Chanel bag so even after our commission and VAT, the same bag you bought in 2006 would get you €2,200 or more in the resale market,” she explains, proving that luxurious designer handbags are no longer just a statement fashion accessory or senseless arm candy, but in fact a good choice can lead to an excellent return in the long run.
Whether you’re looking for a forever purchase or an investment opportunity, what are the characteristics of the perfect handbag specimen?
Firstly, style and substance is important so analyse your current arsenal of bags and how you use them.
Are you more of an evening bag gal or do you need your bag to do the work during the day?
f you can merge a covetable bag with functionality, then you have a winning combo.
Don’t forgot to take into account practicality especially if you’re going to use it on a regular basis
“Avoid suede or fabric - they won’t last and will mark, look for good-quality fittings and hardware that won’t tarnish and I always like a wide strap - there’s nothing worse than a thin strap that could dig in,” says McDermott.
“If you have no clue what kind of bag you like undertake some photo research - do an inspiration sweep and hone in on your ultimate bag, whether you can afford it or not.
“Jot down the attributes you like, and then look for similar features in a bag that suits your budget.
“Versatility is always important, especially if you’re looking to get your cost per wear, so pick a colour that will go with the majority of your wardrobe.”
As Corkery puts it, “You should look for a classic shape you absolutely love and won’t tire easily of but it also needs to have that little point of difference which sets it apart, whether’s that’s a pop of colour, hardware or other special detail.”
A recurring negative connotation of the IT bag is that it symbolises a moment, a silly fad, so when it comes to a luxury bag purchase - channel timelessness, heritage and quality.
If you want to be on trend, Shelly Corkery explains what to look for:
“For me, cross body bags with gorgeous chain strap should be on everyone’s wish list for the season ahead.
“They are just so easy, elegant and feminine worn low on the hip.”
The new classic?
You never know.
Your new season purchase could just make you a return investment in years to come.
Call it smart shopping - that’s a trend we can all get on board with.
Chic Audrey Hepburn on the streets of Rome (1968) pic.twitter.com/EJUvdw5M4d
— Tanja (@T__twitt) December 14, 2015
The most iconic handbags of all time
1. Hermes Birkin In the words of Samantha from Sex in the City “It’s not a bag, it’s a Birkin” with a waiting list of six years it is one of the most covetable bags in the world.
"It was created for Jane Birkin in 1984 after Hermes chief executive, Jean-Louis Dumas, sat beside her on a flight and she complained she couldn’t find a leather bag she liked.
2. Gucci Jackie O Jackie Kennedy Onassis carried Gucci’s classic luxury carryall so frequently in the Sixties that the brand renamed it the Jackie O bag in her honour.
Barbara Streisand and Salma Hayek were also fans.
3. The Mulberry Alexa British label Mulberry also has a string of IT bag hits, including the Roxanne and Bayswater.
But the Alexa, named after IT girl Alexa Chung, was so popular Mulberry’s profits quadrupled.
4. Fendi Baguette Designed to be carried under the arm was catapulted to iconic status in 1997 by it’s recurring starring role in Sex and the City.
5. Proenza Schouler PS1 Launched in 2008 by young New York label Proenza Schouler as a reaction to the more garish IT bags of the time, it wasn’t long until it gained iconic statusand spotted on the arms of Jessica Alba, Kelly Osbourne, and Kirsten Dunst.
6. Chanel 2.55 Released in February 1955, hence the 2.55 namesake, Coco Chanel was tired of losing handheld bags at society events so feminised the concept of straps from the bags carried by soldiers and made the distinctive quilted design inspired by jockeys’ padded jackets.
7. Balenciaga City With soft leather, slouchy design and motorcycle details, this bag became the ultimate model-off-duty accessory.
It’s multiple sizes and colour range made this bag a celebrity favourite.
8. Lady Dior A classic in the Dior collections, it was loved by Princess Diana, who was photographed with the bag so many times it was renamed ‘Lady Dior’ in her honour.
9. Louis Vuitton Speedy Bag Designed for use on a weekend getaway this bag was launched in 1932 and was integral to Louis Vuitton’s crossover from luggage brand to fashion house.
10. Chloe Paddington, With it’s chunky hardware and slouchy design, in 2005 Paddington panic set in.
Chloe decided to create a bigger fuss around their release by making the bag super-limited edition and people clambered to get their hands on the exclusive design.
1. Blake Lively, Olivia Palermo, Poppy Delevingne carrying the The Chloe Drew.
2. Chrissy Teigen, Rosie Hungtington-Whitley, Khloe Kardashian carrying the Givenchy Antigona.
3. Iggy Azzlia, Kylie Jenner and Demi Lovato carrying the Celine Phantom Luggage Tote.
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