The autumn auction of Christie's handbags sold nearly HKD 55 million, with 70% of new buyers being millennials.

According to Fashion Business News, Christie's auction house recently held a autumn auction for handbags and accessories. Out of 197 lots, a total of 186 items were sold, with a total transaction amount of HKD 54.9864 million, a significant increase of 20% year-on-year, almost twice the total transaction amount of the spring auction. The annual transaction amount reached HKD 154 million, setting a record high in global history.

The data shows that the transaction rate of this auction reached 94%, with more than half of the items priced above the highest estimate. The highest selling price among them was the white Himalayan 25cm diamond platinum bag, which was priced at HKD 2.772 million, approximately RMB 2.54 million. All four color "small houses" platinum bags, symbolizing first snow, midnight, day and night, which appeared at the auction for the first time, were sold at a price ranging from HKD 1.26 million to HKD 2.01 million.

The transaction situation of other ordinary crocodile leather handbags and conventional Herm è s handbags is relatively weak, with the transaction price basically within the valuation range, mostly in the lower price range. The joint limited edition handbags of two LV models and artist Yayoshi Kusama were sold for HKD 22600 and HKD 13800 respectively, which is basically consistent with the estimated price.

It is worth noting that this handbag and accessory category auction has attracted collectors from 24 countries across four continents to participate in bidding. 28% of buyers participated in Christie's auction for the first time, and over 40% of collectors participated in bidding online.

Coincidentally, Sotheby's annual auction report also shows that the proportion of millennial bidders has significantly increased from 7% in 2018 to 16% in 2022. Compared to Christie's, Sotheby's handbags and accessories auction houses choose more affordable items.

At the latest handbag and accessory auction held in Geneva, Switzerland from October 26th to November 9th, Sotheby's selection included handbags such as Herm è s, Chanel, and LV, but there were no rare platinum or Kelly bags such as the Himalaya, with an average transaction price of about 20000 to 40000 Swiss francs.

Undoubtedly, as the main force of luxury goods gradually shifts to the updated Generation Z, the millennial generation with purchasing power has become the main customer group of auction houses.

Industry insiders have pointed out that this phenomenon is related to the skyrocketing prices of top luxury brands and the constantly increasing purchase threshold. With the continuous increase in brand value and the cost increase caused by global inflation, luxury brands such as Louis Vuitton and Chanel increase prices at least three times a year on average. Although Herm è s maintains a frequency of annual increases, the distribution ratio and threshold are getting higher and higher.

In the eyes of young people, compared to purchasing a large number of unnecessary products in luxury brand stores to qualify for buying bags, the auction format is simpler and more direct, and can also ensure that the purchased luxury goods are valuable and enjoyable.