4 Tips For Making Money Off Of Resale Luxury Items
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4 Tips For Making Money Off Of Resale Luxury Items

"I like my money where I can see it, hanging in my closet." - Carrie Bradshaw

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Hermès Bag

Some people invest in stocks but not as many people know the resale worth of the high-end, designer resale market. With online shopping at its highest, if you have something good to sell that is a hot commodity or rare piece, there is someone in the world who wants it and probably can afford to pay a premium price. But how do you even start? What is the timeframe on this type of investment? What products or brands should you pay attention to? Well, here is all you need to know about reselling your luxury products!

1. Make yourself a budget. 

First off, you need to figure out what your price range is. It could be a few hundred dollars to a few thousand. It is important to remember that the most expensive items don't always bring the largest return, but it is the strategic way of finding what will still be desired in the future that makes you the most money.

2. Make a timeline. 

Some items are very fashionable and trendy, think puffer bags and logo belts, but may totally be out of style in a year. If you want to invest in more trendy and rare seasonal pieces, then you should have a short time frame of a year or less. In contrast, if you are looking at investing in classic pieces that have been around for at least five years and are still in-style, then this could be an opportunity to buy and sit on the investment as prices slowly increase with a longer time frame. Long term investments to get a good return need more than a year or a few years.

3. Figure out what products you want to buy. 

There are a ton of brands and items out there, but some hold their value better than others.

If you are looking for a more expensive item, like a watch, pick a popular brand like Rolex or Patel Philippe which will stay in-style. If you want a long term handbag invest, consider classic bags like the Hermès Birkin or Kelly, Chanel classic double flap, or other designer brands in exotic skins. As for jewelry, Van Cleef and Arpels have one of the best resale rates on the second-hand market (74% according to the National Jeweler), Cartier is known for their love bracelets, and Tiffany & Co. for their sterling silver, so there is a variety of brands in a span of styles. For designer clothing, pick seasonal runway brands that are limited so there is a demand for a piece like Dior.

4. Last off, wait and enjoy! 

Now that you bought your luxury item, you can enjoy the piece you secretly wanted and don't have to feel bad about it because you followed the steps above and made sure the resale value was there! So, if you plan to use the pieces you buy, beware the resale value will go down. Usually, it's better to use more long term pieces like jewelry. But pieces like a Chanel cardigan from a specific season will still sell at a good price even if it is slightly worn. If you want a quick return, buy a coveted piece that has high demand, do not use it, and find a reseller that is willing to pay you a price above the original price tag because of the demand.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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