It was “clutch” on romantic dates, shopping with the girls, and family outings. But when the high-end handbag you used to heart starts collecting dust on the shelf, it may be time to sell it and bag yourself some dough!
For tips on how to nab the most cash for your carry-all (and give it a second chance at a meaningful relationship), I turned to Sarah Davis, founder of Fashionphile.com, the largest pre-owned luxury handbag business in the United States.
What are the benefits of using a service like Fashionphile versus trying to sell on your own? Selling a book online takes some work, but it's a simple enough process. Selling a luxury handbag, on the other hand, can be tricky.
Sometimes it's harder to get good prices for luxury items when you are dealing with potential buyers in a limited geographical area. One of the many benefits of using Fashionphile is that we have a huge following of loyal buyers who constantly check our newest listings online, and our inventory sells very quickly.
We deal with fraudsters every day who attempt to pay with fake or stolen credit cards, or make claims that our items never made it. We all have busy lives, and Fashionphile take the time, stress and hassle out of selling your luxury bags.
Related: How To Spot Fake Handbags
For those going the consignment route, or using a service such as yours, what’s the best way to find a reputable retailer? When you’re finding someone to help you sell your luxury handbags, first look at the percentage of the sales price that you will be getting back. Many consignment shops keep the majority of the sales price, leaving you with as little at 30-40%. Fashionphile's "70% to you" rate is better than almost all brick and mortar stores.
Shop around! Find out how long that company has been in business and what their policies are. How long they will work to sell your item? What they will do with it if it doesn't sell? Also, make sure you find out when they will start discounting your item if it doesn't sell.
When it comes to selling a used bag, which types tend to sell best? Brands that do not discount, or discount very little, sell the best. For example, Louis Vuitton and Hermes do not discount their handbags ever. There are no sales, no outlets, and no wholesale pricing. Basically, the only way to get a discount on these brands (unless you work for the label) is to buy pre-owned. This keep the resale value high.
Basic colors are always in demand. For example, a black Chanel leather flap bag will typically sell better than the same bag in less popular colors. However, some bags and styles are sought out particularly because of the color, so it's important to know the bag.
How do I know if the bag I have is even worth trying to sell? Do some research. What is that bag (or a similar style and condition of the same brand) selling for on Fashionphile or on eBay? You can always upload pictures and a description to Fashionphile and we’ll quote you on much we would pay you for it, whether in a cash buyout or consignment.
If I'm looking to sell a used bag, what type of condition should it be in? Should I try and clean it up beforehand? Consider your luxury handbag purchase an investment. The better you care for it, the more you will be able to sell it for. The truth is that even a very dirty and worn out designer handbag has value, but why not put a little effort into taking care of it? Doing so can end up making you hundreds or even thousands of dollars more, depending upon the value of the bag.
Are there any items I should have on hand to prove my bag is authentic? Unfortunately, while registration cards and paperwork may offer some clues as to authenticity, the more sophisticated fakes also contain cards and paperwork. That’s why skilled authenticators do not rely on these items in their evaluation. They’ll be checking the leather, lining, stitching, registration, serial number or date code, etc. in making their determination. However, many buyers appreciate getting all of the original tags, cards, care books, dust bags, and even boxes, that came with the expensive bag they just purchased. These extras are often a bonus that can help in the sale of your item.
What if I want to resell the stuff myself? What are your top tips for getting the maximum value out of an item? Why not give it a shot! I'd invest a dollar in a piece of white poster board and shoot your pictures against it. You should take many good, close-up images of the entire bag: front, back, lining, and bottom, as well as detailed shots of any labels and markings that will help in authentication.
Make sure that you let your potential buyers know that your item is authentic, and guarantee it. If there are any issues with the item- marks, smells, spots, holes - just let them know. People are surprisingly forgiving as long as they have a "head's up" that there are some flaws.
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