While the high street is suffering as a result of the coronavirus lockdown, upmarket auction houses are thriving, with luxury shoppers still bidding for expensive items online.
Trainers, rare wines, and bags are booming in bids at auction houses including Southebys and Christies – despite predictions of an economic slump globally.
A crocodile Birkin bag by Hermes from its 2008 collection sold for £30,000 at Southeby’s, while Chanel X Pharrel trainers from 2008 are being auctioned at Vestiaire Collective for upwards of £6,000.
Speaking to FEMAIL, David Bennett, Worldwide Chairman of Sotheby’s Jewellery Division, said luxury goods are thriving, having their best performance ever.
‘Unprecedented times are often a catalyst for change, crystallising pre-existing trends and accelerating innovations.
Long before the pandemic, Hermes Birkin bags were already a better investment than gold pr putting your monehy in the stock market, with a 2017 study showing the price of the accessory has never fluctuated downwards.
Upmarket auction houses – including Sotheby’s sand Christies – are booming in sales of trainers, rare wines, and bags – despite predictions of an economic slump globally. Pictured are handbags from Sotheby’s which recently sold for £30,000 (left) and £11,600 (right)
Max Bittner, chief executive officer of Paris-based luxury resale website Vestiaire Collective, told Bloomberg their sales have been rising steadily since the start of the lockdown.
Jeffrey Berk, co-founder of Prive Porter, another online luxury reseller, told the publication they are seeing more handbag sales than ever, as wealthy collectors see buying the accessory as a way to ‘park your money while indulging in a hobby’.
Sotheby’s have also seen a boom in online prices. Yesterday, they set a personal record after making £5.1million on an contemporary curated art auction – the highest ever online sale.
They told Quartz they’ve seen strong prices for online auctions of watches and jewellery, with limited edition trainers also booming.
Southeby’s recently sold a red ostrich Birkin bag (left) for £15,000 and a white Hermes back from 2000 for £7,500
David Bennett added: ‘In the past few weeks, we have seen the jewellery market further completing its digital revolution: our online sales realised some of their best performances ever, with many new and young collectors from around the world joining.
‘It is also very clear that people are now confident in buying and selling important jewels online.
‘As we look forward to welcoming jewellery lovers back to our salesrooms and exhibitions, we are excited to push ahead with innovative formats in the coming months, starting with the single-lot online sale of a sensational ‘Tutti Frutti’ bracelet by Cartier at the end of this month’.
Max Bittner, chief executive officer of Paris-based luxury resale website Vestiaire Collective, told Bloomberg their sales have been steady since the start of the lockdown. Pictured left are Off White x Nike shoes that sold for £3,500 and left Chanel x Pharrel trainers that will sell for upwards of £6,4000
These Christian Louboutin trainers are currently on sale through Vestiaire Collective, with current bidding at £2,250
StockX, who sell rare and collectable trainers, also told HypeBeast their sales have been unaffected by the pandemic.
Rare wine and spirits are also booming in sales, with Christie’s bringing in £890,000 in an online auction between March 24 and April 7.
Chris Munro, head of wine at Christie’s America, told Quartz this qualifies as a ‘very good result’ and was more than 20 per cent above the average for online sales.
While luxury reselllers are booming, the high street is suffering with Cath Kidson, Animal, and Debenhams among the latest casualties of the coronavirus pandemic.
UK fashion retailer Animal is closing its 21 stores putting up to 500 jobs at risk.
The company, which sells surfing-inspired clothing, has blamed the ‘extremely challenging’ retail marked which has been made considerably more difficult.
Earlier this month, high street retailer Debenhams announced it was closing seven stores with the loss of 422 jobs after going into administration.
The department store firm said it has agreed terms with landlords to continue trading at 120 of its 142 UK stores.
It is understood the group is in ongoing talks over the remaining stores and is confident more deals will be secured in the coming days.
Debenhams confirmed that it failed to reach agreement with landlords regarding seven stores which will not re-open after the current lockdown.
As the High Street faces major disruption, online retailers are reporting massive increases in trade.
Online fashion retailer Boohoo has said it suffered a ‘marked’ fall in sales last month as the coronavirus crisis struck, but revealed a swift rebound in April as it outshines hard-hit high street rivals.
The group – which also owns brands including PrettyLittleThing and NastyGal – said the recent Covid-19 events overshadowed a ‘great’ financial year, with sales falling sharply year-on-year last month.