While fashionistas have been ridiculed for year’s over their often-unhealthy obsession with designer handbags (guilty), it turns out they may have been onto something all along.
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Handbags have officially become an asset class and an influential one at that. Based on a report published by real-estate brokerage giant and wealth-researcher Knight Frank, handbags were the number one collectible investment in 2019, beating out art, stamps and rare whiskey.
While art had an overall return of 5% in 2019, handbags brought in a 13% gain – a market which has exploded due to the rise of rare collectors’ pieces at auctions and online sales. As expected, the coveted Hermes Birkin continues to dominate the high-end market, recording a 13% increase in value in 2019.
This was the first year that Knight Frank included handbags in its ranking of collectible-investments, noting that over a 10-year-time period, the category has more than doubled in value, up 108%. Following handbags were stamps, at 6% then art and rare whiskey at around 5%. The worst-performing asset-class last year were classic cars and jewellery, which were both down 7%.
So, the next time you're trying to justify your latest purchase, it might be worth reminding yourself that a diamond Birkin once sold for $379,261. If that’s not a worthy investment, we’re not sure what is. Just saying.
This article originally appeared on InStyle.