Christies Report Highest Ever Annual Sale Total for Handbags & Accessories
Looks like any talk of spending cuts and global recessions haven't hit the luxury handbag market.
Last week, Christie's Asia recorded its highest-ever annual sale of USD$20million from their handbags and accessories sale.
Known as the market leaders of luxury items, the top lot of the auction was for Lot 3834, a HERMÈS, 2020 with an exceptional, matte white Himalaya Niloticus crocodile diamond Bikin 25 with 18K white gold and diamond hardware. It achieved a sale of HK$2,772,000 / US$357,262.
Many of the sensational handbags presented exceeded expectations and over half of lots sold above their high estimates. The category continues to draw in new and younger buyers to Christie’s as well as significant digital engagement – 28% of the buyers were new, millennials accounted for over 70% of new buyers, and more than 40% of collectors acquired pieces through online bidding. The sale attracted global participation from 24 countries across 4 continents.
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