Emily Abraham CEO of Love Luxury shares her tips on how to buy and sell luxury goods!
Which designer item is best to sell now?
Van Cleef & Arpels has seen a huge surge in popularity in recent times, if anyone is sitting on a piece of Van Cleef jewellery they don’t wear anymore now is the time to sell. The demand is huge owing to the fact it’s become quite a status symbol thanks to various celebrities and influencers but they’re not readily available to buy from the retailer, meaning people can ask for more for their pre-loved pieces Chanel classic flaps and Hermes are always going to be a good return in investment too.
When is the right time to sell?
Research into what it is you’re selling before you decide to put it on the market. If it’s jewellery have a look at the current price of gold on the stock exchange, the higher it is the more a re-sale retailer will offer you. Think about trends too. Although cheaper to produce, the smaller Hermes Kelly’s can demand much higher prices than the larger styles, simply because smaller bags are more fashionable at the moment so there’s a higher demand.
Trends can be the difference in £1000’s, so if what you have isn’t as popular at the moment, consider keeping hold of it until it is.
How do I get the best price?
Make sure you’re item is in the best possible condition. It’s worth taking the product back to the retailer first to see if they can offer any complimentary repair services, Chanel for example will repair any stitching for free. But be sure only to take it to the original retailer, once a third party makes any repairs to designer goods the warranty with the brand instantly becomes invalid. Gather as much as you can together including box, receipt, dust bag and certificates, and make sure they’re all in the best condition possible.
How much commission should I pay?
Re-sale retailers make money on the increase in price they can make on the item after paying you. Any re-seller should be honest with you on how much they expect to sell for and how much that means they can offer you. A 20-30% mark-up is average, never agree to anything more than 40%! You should also expect to pay an authentication fee of around £80, even receipts can be frauded these days so retailers need to be 100% sure that your product is genuine.
What does consignment mean?
If you’re not eager for an instant pay-out, retailers can often offer more by selling designer goods on a consignment basis, this means only when it does sell they will take a cut. There’s no risk to the retailer so often means they can pay more , making it a great option if you weren’t in a rush to sell.
Where is best to sell to – stores, online or market places?
You can make more money selling on market places that don’t take commission but the risk of fraud is huge, fraudsters have turned their attention to the luxury goods market on second hand platforms and are very clever in how they do it. An online pre-loved site and a store like ours will often offer you around the same amount and can compete in pricing, but being able to sit and speak to an expert about your product who will inspecting it in front of you will make the entire process of selling crystal clear and ensures that any risk of fraud is eliminated.
Written by Emily Abraham, Love Luxury
