Only if they wear it over their head. đ
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.
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.
A fool and his money are soon parted. (Proverbs)
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?
I would never pay more than 3 million for a bag.
I once spent $100 on a purse, a major luxury purchase for me.
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. Theyâre not the âmust haveâ brand names, but better!
I paid $7 for a Nine West bag at Goodwill...
“””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.””
I really hope... that on Judgement Day.... these people have found a better reason (or excuse) for the things that they “valued” while on earth. They’re gonna need it.
I think the mistake many are making on this thread is viewing this from a âutilityâ perspective. If taken from that viewpoint, then it is a stupid or frivolous purchase.
However, the rationale behind such purchases often has less to do with utility and more to do with perceived value, scarcity, and the ability to prove provenance. When these three elements converge, they create the conditions for substantial future resale value. Which is why you often see serious money investing into things that many would consider âsilly.â
Itâs also worth considering that certain luxury goods, such as this bag, function as unconventional stores of value. They are discreet, highly portable, and, in some cases, relatively liquid. For example, I began collecting watches well before the 2018 to 2021 market boom. When values surged, it became remarkably easy to liquidate pieces and transfer capital in ways that would have been far more complex through traditional channels. A single carry-on can discreetly transport five high-end watches (and their official purchase papers) worth hundreds of thousands of dollarsâ worth of watches. Which shows that for a bag like this, significantly FAR more can be easily moved without anyone batting an eye.
Viewed solely through the lens of practical function, the bag may appear to be a poor purchase. Hence the comments from many FReepers about how silly it is.
But capital is constantly in search of vehicles (traditional or otherwise) that combine stability, appreciation potential, and discretion. There is actually a lot of money looking for such assets. I am not talking about a pearl necklace or a starter DateJust, but rather very highend items that are very rare. This bag is easily that, being the first Birkin ever, especially considering that brand new Birkins are very difficult to get and go for many thousands. From that standpoint, this is not an illogical acquisition.
The same logic applies in other asset classes. To some, a $50 watch is a âsillyâ purchase considering that almost everyone carries a phone that can tell time. Why buy a watch?
But to others, acquiring a Daytona 24 Hours of Le Mans edition for $51,400 is a VERY cheap purchase as itâs an opportunity to immediately unlock $200,000 to 400,000 in market value depending on how well youâre connected to certain markets in the M.East and Asia. And one can easily wear it, fly out from London, and sell it in Abu Dhabi. Many (high-end) trinkets are actually a way to move money in case of an emergency, and many people who live in certain geographies will always have (a small) part of their wealth in items that can easily be moved quickly.
Even in old CIA days, agents would usually have one of the cheaper Rolexes (eg a Submariner) on their wrist as a way of easily converting it into cash or a getaway car in bad places if they ever found themselves in a bad situation.
Context, market knowledge, and intent make all the difference.
In fact, I would bet that (as long as the world doesnât end and capitalism doesnât die) the market value of this bag (again, the first birkin bag ever made in a world where âstandardâ Birkins bought at retail are instantaneously worth more the moment you walk out the door) will hold value FAR better than any ânormalâ investment he could have put the money into.
Additionally, it may not seem like it, but if someone has the liquidity to purchase such a bag in cash, then it means that (1) they already have a lot of other (more conventional) investments, that (2) they are most likely not dumb, and (3) they are plugged into the market for such items and can easily monetize it.
A fool and their money soon go a partying.