In the famed 60’s film “The Graduate,” Ben, played by Dustin Hoffman, is told by a wannabe mentor that there’s a great future in plastics. If the film were to be remade today, a recent grad may be told something far sexier: there’s a great future in luxury designer handbags.
Indeed, if you want to make a good investment these days, forget about stocks, bonds or real estate; instead, sink your money into a Chanel bag. A recent study by vintage handbag authority Baghunter found that in the last six years, the value of a classic Chanel bag has increased by a whopping 70%. When the Chanel 2.55 bag first debuted in 1955 it retailed for $220. It now costs a wallet-breaking $4,950!
While the rule of thumb is that most luxury items tend to decrease in value, this recent finding is quite noteworthy. The CEO of Baghunter, Eveylyn Fox, suggests the reason for the astronomical increase is that there has been a recent rise in ultra-luxury marketplaces.
“We feel that these marketplaces have played a significant role in making these bags available to a wide range of women, peaking interest in more people than ever before, and contributing to Chanel having the ability to increase the value of their bags so rapidly over such a short period of time.”
If Chanel is not your jam, fear not. The study comes hot on the heels of other luxury experts saying similar things about other topnotch brands. High society know-it-all, Richard Kirshenbaum recently wrote in the Observer that the super rich are using designer handbags as currency. Proof? An unnamed buyer just bought the world’s most expensive purse at auction— a Birkin for $300,000. Likewise, a Texan hedgefunder hopped on the Birkin train in a binge-buy of 30 of the coveted purses for his staff for $500,000. That’s better than a cash bonus!