Dig out the unloved Rolex – it’s a great time to sell
Come on now. Since January, who hasn’t been raiding those wardrobes in a major clean-up operation? You’ve been digging out stuff that’s too small, unworn, unloved or just generally taking up too much space, right?
Your first thought is probably to shift the cheaper items on Facebook Marketplace but what about more pricey items like watches or handbags? Now could be a great time to let them go, judging by the 2022 Luxury Consignment Report, produced by TheRealReal - the world’s largest online marketplace for authentic, resale luxury goods.
Changing shopping trends
TheRealReal’s file of intriguing data spans from January to November of 2020 and 2021 and has analysed over 22 million items sold and 24 million of its users. And the data shows a distinct difference in the way people are shopping. This is having a direct impact on the resale market, with many ditching fast fashion for shop resale for the sustainability element.
And primary markets’ lack of supplies are forcing shoppers to look at the secondary market, with sold-out styles attracting 50 per cent more buyers than standard resale items, according to the report.
It’s good news for those having a post-winter declutter as the brands most likely to have major resale value gains include Rolex, along with Nike, Hermes and Bottega Veneta.
Due to some very limited and sought-after models, Rolex has seen an increase of 16 per cent in spending, with its timepieces selling for up to 298% of their original retail prices.
The piece also suggests that if you own a Rolex Submariner Date, it is a fabulous time to sell, as on average they sell for up to 262 per cent of market price.
The report also looked into accessories like handbags, and jewellery. It found that users are on the lookout for unique pieces that reflect their personality and this is what is driving up prices for resale. So if you have anything unusual, vintage, collaboration or of limited production, now is a great time to part with those items as they’re seeing a resurgence in popularity - if you can face it!
This goes especially for some of the classic designers from the 90s - being worn by today’s celebs and stars of TikTok - which are also experiencing a surge in value with Prada and Gaultier fetching up to US$2,1000 for items like dresses and coats.
With many people turning to the resale market because it’s more eco-friendly, a drop on market supply also encourages surging sales.
TheRealReal resident Rati Sahi Levesque said: “Resale is undoubtedly mainstream and there is one difference in the luxury sector that makes it stand out. All demographics are actively involved in luxury resale.
“Gen Z (those born in 1997-2012) to Silent Generation (1928-1945), all demographics increased the adoption of second-hand luxury goods in 2021, resulting in increased resale value for almost every brand.”