NEW YORK(CBSNewYork) — There’s no such thing as a sure-fire investment, but putting your cash in designer handbags could be a solid financial bet.
As CBS2’s Meg Baker explained, buying the right bag can help you corner that market.
“This is a financial investment for me,” Beth Shak said, “I think it’s kind of fun.”
Shak isn’t talking about stocks or bonds. She’s leveraging her money in the handbag market.
“They have only gone up in price, and they continue to go up in price,” Virgil Rogers, of Only Authentics said.
One booth at the recent New York Art, Antique and Jewelry Show represented hundreds of thousands of dollars in consigned handbags.
Some have estimated that collectible Hermes bags can double, or even triple in value over time. Chanel is another coveted and investment-worthy brand.
“Obviously to hold, or appreciate in value, bags have to be well cared for,” Rogers explained.
Shak has amassed a collection worth a fortune.
“Your money is safer in this,” she said.
Jean Shafiroff is another savvy collector, with many prize pieces.
“A handbag is like a little jewel in my opinion,” she said.
Just like jewels, her Judith Leibers are highly collectible, and can fetch thousands on the resale market.
“You see it at auction, you can’t believe it,” Shafiroff said.
Some smart collectors have sold their prize pieces at Christie’s in their first-ever handbag auction.
“They can take that incredible investment, and put it into other causes like you said, college tuition, or down payments for homes,” Caitlin Donovan, Christie’s Associate Vice President and Specialist for Handbags and Accessories, North and South America, explained.
More than 200 bags will be on the block. One highlight will be a white and gold diamond accented Hermes bag. It’s estimated to go for about $150,000. Another one called a ‘Kelly Doll’ had an original cost of about $2,500.
“We actually sold one at Christie’s recently for $90,000,” Donovan said.
There are pieces from Louis Vuitton, Chanel, and even more rare Hermes bags with values in the six figures.
“If you really invest in a really special handbag, it pays off in the long run,” Donovan said.
Experts said a Chanel bag may be the most accessible for you to start your own collection. Hermes will cost a good deal more. They added that you should always buy from reputable dealers to ensure authenticity.