“I don’t would like to own a handbag that costs 10,000 euros”, my friend declares at breakfast on Midsummer’s Day. Despite the early time, the conversation has already had time to drift to the topic that always irritates the conversation, luxury goods and money.
“Why not”, I ask my friend, who answers:
“Because it sends messages I don’t want to send.”
“What messages?”
“That I am a person who puts 10,000 euros in a handbag. It’s bullshit.”
“But could you put 10,000 euros on a family vacation? Or jewelry?”
“Of course. That’s different.”
With many there are strong opinions about how people should spend their money, and expensive handbags are a product that evokes emotions.
In Sweden, we still remember how the leader of the Social Democratic Party Mona Sahl came under fire in 2011 for his Louis Vuitton bag. According to critics, the bag did not suit the party leader representing the working class.
Sahlin tried in vain to explain that it was a 50th birthday present from a friend who later turned out to be a detective writer as Liza Marklund – in the opinion of left-wing influencers, the bag was still a threat to social democracy. Since then, the Democratic leaders have not seen expensive accessories.
Others’ bags, on the other hand, are accepted without any disapproval. President of the European Central Bank Christine Lagarde has been showing off for years with her Hermés Birkin bag – starting at 10,000 euros – and has achieved the reputation of a fashion icon.
Britain’s Queen Elizabeth was known for her British Launer leather bag – the price of which is well over 4,000 euros – with which she communicated not ostentatiousness but appreciation of domestic quality, traditional companies and craftsmanship.
The attitude towards a woman’s handbag says a lot about what kind of thoughts people have about consumption, gender and politics. An expensive handbag is often seen as a tasteless status symbol. A man’s expensive watch is more often a sign of good taste.
Brand bags are now perhaps more popular than ever, and more and more people are hunting for them used online. According to the annual report of the popular vintage site The RealReal, the demand for used bags has increased by 300% since 2020.
Strong demand and rising prices have made some handbags even a good investment. According to Sotheby’s auction, the price of a well-preserved Chanel Medium Flap Bag has risen steadily by 10-15 percent per year since the 90s. A bag purchased years ago can now be sold online at a higher price than the original.
In recent years, the price increase has accelerated: after the pandemic, Chanel has raised the prices of some of its bags by around 50 percent. For example, the price of its Medium Flap Bag exceeded the magical 10,000 euro mark this year.
The sums also make Mona Sahlin’s Louis Vuitton look like a bargain. Its purchase price was revealed to be 420 euros a few years ago. Its value also increased, as the bag was sold at an auction in 2014 for 730 euros.
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Would I put 10,000 euros in the bag myself?
As an investment a bag could be compared to art: collectors often buy a work because they like it, and as a bonus its value can go up – but of course also down. Risk is part of the nature of many investments.
According to the Business of Fashion website, the goal of Chanel’s price increases is to achieve “Hermès status”, i.e. to enter the same coveted category as Lagarde’s favorite Birkin, which turns 40 this year. Birkin is the holy grail of handbags, the price of which, depending on the model, can rise to tens of thousands of euros.
Chasing the Birkin effect, Chanel has also, like Hermés, limited the number of bags on the market. That is also a familiar strategy in the fashion world: to increase exclusivity, fashion brands tend to launch limited edition– products. When something much wanted is available or not enough, it becomes more desirable in the eyes of many.
Back for the breakfast table on Midsummer’s Day. Would I put 10,000 euros in the bag myself? If I had thousands of euros to go shopping for bags, I would be willing to pay for responsibility and classic timelessness in addition to design. Of course, the brand also plays a part – I’m not immune to brand marketing.
However, the first thing I would do is comb through vintage sites, maybe just after that bag that has reached middle age. Fashion experts agree that Birkin is a sure choice both in terms of investment and style.
The message it sends, on the other hand, is in the eye of the beholder.
The author is a Stockholm-based journalist who follows culture, fashion and society.
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