Dear PurseBop: When and How Should I Consider Rehoming My Luxury Handbag?

Dear PurseBop:

I have acquired many luxury handbags over the past decade. I am finally ready to pare down my collection and re-home the bags I no longer use. When is the best time to re-home a bag and what are my options for selling my bags.

Dear Closet Clean-out:

Most people’s style changes over the years and their handbag desires and needs change as well. Selling your luxury handbags is a strategic decision that depends on several factors, including market conditions, personal use, and financial considerations. Here are some tips for re-homing your handbags.

When to Sell

If your bag is in high demand (e.g., Hermès quota bags, limited editions, Chanel discontinued colors or styles), it is always a good time to sell;
The closer your bag is to “like new” condition, the higher the resale value. Even if your bag has been gently used it may still resell for more than expected;
If you no longer reach for the bag or your style has evolved, it may be time to sell;
Selling one or more bags can be a way to reinvest in a new one, especially if you have an Hermès quota bag on the horizon.

How to Sell Your Handbag

Selling directly to a buyer either through a friend, Instagram, Facebook, or other social media platform will likely yield a higher profit but comes with the added risk of being paid, shipping the bag to the buyer, and lack of security controls;
Selling your bag to a trusted reseller takes the stress out of the equation. The reseller handles the entire transaction. If they are willing to offer a buyout this may be the best option to be paid quickly. If they offer consignment the process can be lengthy and the reseller has possession of your bag. This process can be quite long and payment is not sent until the bag sells;
Auction Houses such as Heritage Auctions, Sothebys, or Christies are options particularly for rare pieces such as Himalaya bags or limited edition rare handbags. However, you lose control over how much the bag will sell for at time of auction. It may sell for above or below the projected price. This is a risk to consider as well.

Prepare Your Handbag for Sale

Compile the original receipts, authenticity cards, dust bags, and boxes which all increase the resale value of the bag;
Spa treatments at Hermès or a reputable handbag restoration service can boost the sale price of the bag;
Take clear, well-lit photos from multiple angles to help buyers or resellers assess the condition and present their best offer

Pricing Considerations

Compare listings on resale platforms of similar bags to determine a fair price you hope to realize;
Set your price slightly above your minimum acceptable offer and be flexible and willing to negotiate.

Read:

Part I: Has The Value of Birkins and Kellys Declined?

Part II: How To Determine the Resale Value of Your Hermès Bag