'It becomes more about status signalling': Is £7m for a handbag absurd or justified?

BBC ^ | 8/2 | Scarlett Harris

[nickcarraway]

As a pop-up handbag auction opens in London, a fashion frenzy is gripping venerable auction houses – and sending prices sky high. Can fashion ever be on a par with a Picasso?

"I like my money where I can see it. Hanging in my closet," says Carrie Bradshaw in the 2000s TV series Sex and the City, and it would appear that an increasing number of collectors do, too, with archival fashion auctions fetching record prices. Just last month, Sotheby's auction house in Paris sold a battered Hermès bag owned by its namesake, Jane Birkin, for £7m ($9.2m). And now Sotheby's in London has just opened a luxury pop-up salon, auctioning pieces by Hermès, Rolex and Cartier, running until 22 August.

But it wasn't always like this. Many auction houses have traditionally viewed their fashion divisions as tangential, with the brand-name recognition of some of the items drawing buyers in, and towards bigger-ticket items like paintings or sculptures.

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TOPICS: Business/Economy; Society
KEYWORDS: sideshow; unitedkingdom

[nickcarraway]

Are these the bags women say they will leave to their children? Is that realistic?

[tired&retired]

Only if they wear it over their head. 😁

[Dr. Sivana]

To me, one of the signs of a decadent society is when silly trinkets are valued more than true craftsmanship. The first time I noticed it was when I found that cheap plastic candy Pez dispensers (with no true historical value) going for thousands of dollars, while high quality solid wood furniture from the 19th century can be had for much less.

I am not including historical items (e.g. Action Comics #1, Honus Wagner cigarette trading card) though those have gotten out of hand as well.

[fidelis]

It’s all about status. I always laugh when I see pictures or selfies of women who make sure that the brand name of their high price bag or purse “just happens to be” turned toward the camera.

[pops88]

A fool and his money are soon parted. (Proverbs)

[Spacetrucker]

My wife likes some of those “high dollar” purses, but she has a friend that gets them for pennies on the dollar - i guess its good to have friends.

[Spacetrucker]

My wife likes some of those “high dollar” purses, but she has a friend that gets them for pennies on the dollar - i guess its good to have friends.

[LegendHasIt]

Heck, $70.00 for a handbag is overpriced unless it is made of precious metal and precious gems.... and then it is worth whatever the melt value and the loose stone value would be.

My ex-wife once spent $1,000.00 for a purse (This was back in the 1990s).....

..... Did I mention that she is my EX- Wife?

[ArcadeQuarters]

I would never pay more than 3 million for a bag.

[skr]

I once spent $100 on a purse, a major luxury purchase for me.

[Sirius Lee]

I paid almost as much for a stupid wallet from Orvis.

[Moonmad27]

I go to estate sales and have lately found a bunch of like-new or even unused fine leather handbags and totes for a tenth or less of what they still cost at fancy stores. They’re not the “must have” brand names, but better!

[Openurmind]

“A fool and his money are soon parted.”

I judge value by the pound. A pound of plastic and fabric is a pound of plastic and fabric no matter what shape it is formed or what name is embossed on it.

Same with cars, three tons of metal and plastic is three tons of metal and plastic whether is says Ford or Rolls Royce on the side.

These handbags only contain $10 worth of plastic and fabric.

[Openurmind]

“and then it is worth whatever the melt value and the loose stone value would be.”

Lol, that is how I look at it too... There is more metal melt value in an old Ford Granada than there is in a brand new Corvette.

[KitJ]

"My wife likes some of those “high dollar” purses, but she has a friend that gets them for pennies on the dollar - i guess its good to have friends."

Good to be friends with Mitch McConnell's wife. I hear she can get anything from Chyna at a discount.

Kidding, FRiend.

[KitJ]

"My wife likes some of those “high dollar” purses, but she has a friend that gets them for pennies on the dollar - i guess its good to have friends."

Good to be friends with Mitch McConnell's wife. I hear she can get anything from Chyna at a discount.

Kidding, FRiend.

[TheWriterTX]

My Brahmin bags average $350 each. I carry them everyday, day in and day out, and they look great and hold up for years. My current bag is over 4 years old.

I passed an older bag to my DIL. She used it for 2 years and then gave it to her sister who has used it for 2 years. That’s 8 years of use (less than $45 per year or the cost of a cheap bag that falls apart quickly and you throw it away).

Like good boots or other quality handmade leather products, you buy them for durability. They can take the abuse.

$1K? Yeah, that’s just for the status symbol. Glad she’s the ex.

[Tired of Taxes]

"I judge value by the pound. . . . These handbags only contain $10 worth of plastic and fabric."

I always look for the best product at the lowest price. An expensive purse for me would be $20. I have bought purses for less than $10 that held up for a long, long time. If I were wealthy, I still wouldn't buy a designer purse. I'd prefer a jacket with lots of hidden pockets.

[Tolerance Sucks Rocks]

My grandparents had a dining room table that was built in the 1700s, and it was in good condition. I would love to have something like that, not a f***ing overpriced handbag.

[Flaming Conservative]

I paid $7 for a Nine West bag at Goodwill...