4 Tips for Reselling Luxury Items
I like to talk a lot about buying vintage and second hand designer items, but I also sell pieces if I’m not longer using them. Reselling allows me to make money to then invest in other luxury items! Even if you don’t normally buy or sell designer items, these tips are handy because if you’re an avid shopper you’re likely to come across an amazing deal on a designer item that you can resell and make money! There is still so much designer to be found at estate sales and even thrift stores outside of big cities. My friend Jeran found an authentic Chanel necklace at a thrift store in Bakersfield and I found a $4,500 Chloe dress at The Salvation Army – it happens! When you find a gem for a steal, buy it and then figure out if you want to keep it or sell it.
Here are 4 tips for reselling luxury items!
1. Always keep boxes, papers & receipts. These things can greatly impact the resale value of your luxury, as they are indicators of the authenticity and condition of what you’re selling. Letting buyers know what you paid for it can give them confidence that the price you want is a fair one.
Pro Tip: If you have sourced the designer item or simply don’t have the original box or dust bag (I don’t keep boxes), I recommend purchasing a dust bag, box, or shopping bag (or all of these) from a seller on eBay or Poshmark. The more accessories you can include, the more likely you will close the sale with a high profit margin. A lot of designer luxury clothing comes with branded hangers and garment bags which you’ll normally find at estate sales. Keep all of it!
2. Research where you want to sell your items. With today’s ever growing resale industry, there is no shortage of options when it comes to selling your pieces. However, all these options can make it more difficult when deciding where you want to sell your luxury pieces. Some options include consignment stores, selling to a dealer, or directly to a seller through eBay or Poshmark. Selling directly to a customer through sites such as eBay can help you get the most value for your luxury because they take a small portion of your sales, but you have to do the leg work of photographing and managing the listing. Resale sites like The Real Real or Fashionphile, however, will give you a payout and handle the listing for you (but you’ll get less than market value for your item). Keep in mind that listing your luxury on a consignment site can be time-consuming as most consignment stores won’t pay you until your item sells. All of these options are solid ways to resell, you just need to pick which is best for you.
3. Most sellers will do preliminary research when getting ready to sell their items, however, they sometimes forget to consider the current condition and previous repairs done to their luxury. For example, a seller may find the exact Celine bag they have selling for $2,500. However, their bag isn’t in mint condition and needs major TLC, which can cost up to $500 for the handbag to be serviced; this is an expense that the seller should assume will be deducted from their offer. I highly recommend Gerri at Leather Surgeons for luxury handbag repairs. Not only does Gerri authenticate and repair, but most of the luxury brands send items to him for servicing.
Pro tip: when it comes to designer and luxury watches for resell, such as Rolex and Cartier, only service the item at an authorized service center. If you use a non-authorized service center, the non-original parts can greatly reduce the value of the watch. This is true for jewelry and handbags as well.
4. Take a lot of pictures and capture all of the details of the luxury item. An example of a shot list for your item includes but is not limited to: different angles, the inside of the item, the bottom of the item, hardware, all unique elements, receipts, tags, logos, serial numbers or date codes, stitching, authenticity documentation, etc. The luxury market is based on image, so document the condition of the item accurately but provide the details for your buyers.
Pro tip: Documentation works both ways. Things get lost in the mail – sometimes it actually gets lost and other times, people simply suck and will lie about packages arriving empty! This is why I document the packing and shipping process of any luxury items I sell and ship. I video record myself packing (usually at the Post Office), attaching the time stamped shipping label and scanning the shipping label to show it has been packed and sealed properly. This is my least favorite part of the process but after having been burned so many times (and hearing the same from many other professional sellers), it’s a step I’ve needed to take to protect myself.
